Do you find it disgusting that financial professionals blame individual home owners for taking discouraging mortgages?
As both a homeowner and a financial professional, I become completely disgusted when financial professionals, Rick Santelli being a prime example, put all the blame on homeowners for taking fruitless mortgages and get angry when the individuals will receive some stimulus money yet don't seem to be nearly as upset that poorly managed companies receive a rediculously higher amount of stimulus money for taking lofty risks and getting burnt?
This situation highlights a huge issue that I have beside the perspective that so many have.
First of adjectives, why do people who work in nouns and many wealthy right-wingers surrounded by general assume that everyone is financially savvy and should have be able to know they were getting a desperate loan?
Lets put it this way - when I am ill and stir to a physician, and he perscribes a medicine for me, would these same people assume that everyone should be medically astute satisfactory to know on our own if we will be able to handle this dosage, or if this is the right perscription or not? Of course not. So how can these population blame homeowners who visit a mortage broker (who at one point in time could credibly be presumed to be a financial professional), and the mortgage broker say that based on their analysis you can afford $X of a home, and we would recommend this mortgage - how when the person puts their hope in the financial professional's opinion can they adjectives be blamed? This is as hippocritical as if in the previous scenario, a prescription ended up bloodshed many people, would the patients be blamed by medical professionals?
And on the second piece of my argument, I hear so many right-winged representatives (talk show hosts on radio and tv, among others) mocking individuals who expect to get "free stuff" (i.e. rule tax dollars paid for by individuals) from the stimulus carton, in particular lower than Obama. Why do these people not feel matching way, but on a more intense level, to the corporations, resembling the auto CEO's who flew to meet with congress and asked for their "free stuff", and when congress asked them to show how they will spend it "uuhhhh, we didn't really put a financial plan together to bring beside us"...not to mention other corporations who receive insane sums of money for taking huge risks and failing.
Wouldn't a better plan for the people of this country have be to let the big corporations who burned themselves fail (doesn't the true disposition of a free market involve a "survival of the fittest" component?), and use these huge sums of money to help the individuals and other businesses stay afloat who weren't a effect of this problem but were inadvertently affected - i.e., cut out the problematic corporations on the top of the monetary food chain and support the rest of the innocent?
Please discuss - and STAR and COME BACK TO THIS QUESTION to keep the discussion going through optional edits.
Answers:
I think the blame should be shared between the general public who borrowed and spent too much money and the financial professionals who encouraged, advised, and provided the channel for such unwise borrowing and spending by consumers.
And the government also is responsible to a roomy degree. Because the Fed lowered the interest rates a lot and did nil when many people be borrowing more money than they could pay back.
Many politicians also are to a degree responsible. Because they changed the rules and the laws designed to prevent a repeat of the Great Depression.
http://en.wikipedia.org/wiki/Glass-Steag…
If YOU buy something you cannot afford, then to be precise STUPIDITY.
Credit cards or a house, is the same. you must not be a very flawless "financial professional".
INFLATION - paying too much for goods and services.
STUPID - paying too much for a house when the cost to build it is cheap.
You DO NOT BUY when the COST of CREDIT will cost 2 or 3 times the original VALUE.
You as a purchaser have better know what you can afford, YOUR INCOME, d/a. Source(s): I am not working for the last 3 years.
I be offered a 22% mortgage 6 years ago, when I was working. You do not buy ANYTHING when it will cost you double or triple the VALUE of the original.
http://en.wikipedia.org/wiki/Inflation
CLO losses will sink buyout firms 3-13-2009 story is missing
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This situation highlights a huge issue that I have beside the perspective that so many have.
First of adjectives, why do people who work in nouns and many wealthy right-wingers surrounded by general assume that everyone is financially savvy and should have be able to know they were getting a desperate loan?
Lets put it this way - when I am ill and stir to a physician, and he perscribes a medicine for me, would these same people assume that everyone should be medically astute satisfactory to know on our own if we will be able to handle this dosage, or if this is the right perscription or not? Of course not. So how can these population blame homeowners who visit a mortage broker (who at one point in time could credibly be presumed to be a financial professional), and the mortgage broker say that based on their analysis you can afford $X of a home, and we would recommend this mortgage - how when the person puts their hope in the financial professional's opinion can they adjectives be blamed? This is as hippocritical as if in the previous scenario, a prescription ended up bloodshed many people, would the patients be blamed by medical professionals?
And on the second piece of my argument, I hear so many right-winged representatives (talk show hosts on radio and tv, among others) mocking individuals who expect to get "free stuff" (i.e. rule tax dollars paid for by individuals) from the stimulus carton, in particular lower than Obama. Why do these people not feel matching way, but on a more intense level, to the corporations, resembling the auto CEO's who flew to meet with congress and asked for their "free stuff", and when congress asked them to show how they will spend it "uuhhhh, we didn't really put a financial plan together to bring beside us"...not to mention other corporations who receive insane sums of money for taking huge risks and failing.
Wouldn't a better plan for the people of this country have be to let the big corporations who burned themselves fail (doesn't the true disposition of a free market involve a "survival of the fittest" component?), and use these huge sums of money to help the individuals and other businesses stay afloat who weren't a effect of this problem but were inadvertently affected - i.e., cut out the problematic corporations on the top of the monetary food chain and support the rest of the innocent?
Please discuss - and STAR and COME BACK TO THIS QUESTION to keep the discussion going through optional edits.
Answers:
I think the blame should be shared between the general public who borrowed and spent too much money and the financial professionals who encouraged, advised, and provided the channel for such unwise borrowing and spending by consumers.
And the government also is responsible to a roomy degree. Because the Fed lowered the interest rates a lot and did nil when many people be borrowing more money than they could pay back.
Many politicians also are to a degree responsible. Because they changed the rules and the laws designed to prevent a repeat of the Great Depression.
http://en.wikipedia.org/wiki/Glass-Steag…
If YOU buy something you cannot afford, then to be precise STUPIDITY.
Credit cards or a house, is the same. you must not be a very flawless "financial professional".
INFLATION - paying too much for goods and services.
STUPID - paying too much for a house when the cost to build it is cheap.
You DO NOT BUY when the COST of CREDIT will cost 2 or 3 times the original VALUE.
You as a purchaser have better know what you can afford, YOUR INCOME, d/a. Source(s): I am not working for the last 3 years.
I be offered a 22% mortgage 6 years ago, when I was working. You do not buy ANYTHING when it will cost you double or triple the VALUE of the original.
http://en.wikipedia.org/wiki/Inflation
CLO losses will sink buyout firms 3-13-2009 story is missing
Lookup KKR importance!
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