Folding, spindeling, and mutilating lauguage for fun since Aug, 2004
Sunday, 21 December 2008

It's a good thing.

Rocky was telling me a story about a conversation he was in the other day.

A guy was talking about how we are in this financial mess because banks were forced by federal regulation to give out tons and tons of loans to people who didn't deserve it.

Rocky made many points counter to this, but I think the best one was pointing out that when businesses are "forced" to do something, they do it grudgingly.  They minimize it, and do as little of it as possible. 

And in reality, we have spent the last several years enduring ad after ad after ad on TV, in newspapers, on the internet, BEGGING people with bad credit to take out loans with this company or that.  People with bad credit were heavily lobbied to re-finance loans, and roll their other bad debt into their new loans on their houses.

I know some of these people.  Some of them owe us money that will never be returned, as the houses are gone and they still have massive debt to people with more power than we have, and more ruthlessness when it comes to getting it back.

I occasionally would complain about how these predatory lenders were sleazy scum-bags who should be against the law.

Naturally, I was sometimes denounced as a commie being against innocent capitalists just wanting to make an honest buck.

Anyway, Rocky had a pleasant, passing conversation with this guy, and seemed to have at least made some impression on him.

But later, in another conversation involving some of the same people, a new player came into the mix.  A guy who had worked for one of these companies.

"Well, you can blame me at least a little bit for this whole mess.  I used to work for one of these companies, and they told us to write to the government and tell them that they needed to deregulate us so we could do these loans." (Obviously, this is an approximation of what I remember Rocky saying he remembered the guy saying...not a real quote.)

The first guy got a stunned look on his face, like the rug had been pulled out from under him.

And, as much fun as it might be to smugly leave it there with a sense of superiority...

...none of us have all the answers all of the time.  Sometimes we need a reality check.  The best people recognize them when they see them and learn from them.  I got the feeling that Rocky thought this guy was that sort of people.

 

Sunday, 21 December 2008 22:38:37 (Central Standard Time, UTC-06:00) | Comments [5] |  |  | #
Monday, 22 December 2008 09:16:54 (Central Standard Time, UTC-06:00)
Good for Rocky! It is hard to admit that the poor are often victims of our system, not just lazy bums. That way we can feel safer because we are hard working people and poverty can't happen to us. A nice side effect of such thinking is that we can enjoy our wealth and keep it to ourselves because we earned it and deserve it. I hope that man's heart is open for good!
A small penguin
Monday, 22 December 2008 16:21:13 (Central Standard Time, UTC-06:00)
And some people are lazy dumb-asses who can't seem to function without hand-outs...but even so, they are less culpable than the smart, capable people who should have known better (and probably did) but just thought it would be easier to cheat.
Teresa
Monday, 22 December 2008 20:15:20 (Central Standard Time, UTC-06:00)
It's becoming more widely known now that people who worked in mortgage and other financial arenas were going to the Bush Administration almost three years ago saying "If you don't clamp down on this and start regulating what's going on, we're all screwed," and were told point-blank to shut up and fuck off.
Wednesday, 24 December 2008 15:06:38 (Central Standard Time, UTC-06:00)
My guess is there is plenty of blame to be shared by everyone involved. Republicans and Democrats both dropped the ball on this one. Nobody is totally innocent in this mess we're in. I just hope we all learn from this, and don't repeat our stupidity again.
Wednesday, 24 December 2008 15:17:49 (Central Standard Time, UTC-06:00)
David,

That's the key, isn't it? To learn. But the conservative pundits are already spinning the blame, and calling this the "Obama depression", so it is important to counter the outright lies.

For sure, the Democrats should have been more the "party of no" on this one, as well as many other issues.
Teresa
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