Bye Bye Banks and Wall Street

[The Lovely Mrs. tod]

Originally Posted by BarTopDancer

What happened to the saying "when something is to good to be true it probably is?"

No one makes a decision knowing it's the wrong one. Alex nailed the lenders' sales pitch perfectly. I can understand consumers feeling abused and resentful of the mere fact that the government is even considering bailing out the banks. Or home owners. But I doubt most of these people intended to default. Lenders refused to negotiate, they refused to modify, some lenders simply sold property without telling the homeowners until the sale was complete.

Had these lenders taken some responsibility for their part in this mess when it started to simmer instead of putting it on the back burner and pretending it wouldn't explode there's a distinct possibility that there would be no need for a bail out. This one was a bad deal, but, I think, it's inevitable that one will be necessary down the line.