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Banks vs Individuals...who pays?

I have been hearing a lot of talk about responsibility and entitlement. During this ongoing credit crisis that has brought our economy to a halt, I keep hearing people go on and on about how people have a sense of entitlement and therefore have been irresponsible with credit. But what about the bank's part in all of this? Why does their irresponsibility and sense of entitlement get excused?

(By the way, just to avoid any bashing, I have a 0 balance on my credit cards and paid cash for my car. So I really don't have anything against banks.)

Answer Question
 
stacymomof2

Asked by stacymomof2 at 9:22 PM on May. 17, 2009 in Politics & Current Events

Level 23 (18,390 Credits)
Answers (35)
  • But what about the bank's part in all of this? Why does their irresponsibility and sense of entitlement get excused?

    Because the powers that be handed them a check. Plain and simple. The greedy, over reaching underfunctioning group of power hungry, gluttonous and corrupt slobs we have as representation are simply reaching for more power. It's not about responsibility, it's about control.

    It's also not about Obama. He's just a figure head. (Granted, one I'm not particularly fond of).

    If we were interested in accountability, the badly run businesses would have been allowed to fail.


    lovinangels

    Answer by lovinangels at 9:35 PM on May. 17, 2009

  • Banks were irresponsible because the likes of the Senate Bankking Committee (Frank, Dodd, etc) turned the other cheek while they were getting perks.
    Why are the biggest beneficaries of bank bailout money the largest lobbyist?
    This is NOT about the people. Even with a Democrat in office this is about banks. It's just a matter of who contributed the most as which way the pendeulum swings.

    If people mess with the banks they need to READ all the fine print and be aware of the conditions they are about to accept. The conditions have been spelled out. And when noted that they have the right to CHANGE the conditions, people needed to make sure they KNEW that going into the loan/credit. No one is looking out for you. You need to look out for yourself.
    grlygrlz2

    Answer by grlygrlz2 at 9:36 PM on May. 17, 2009

  • Banks for the most part sell a service. They are allowed to sell it almost any way they want. There is nothing wrong with the selling of their service. This is why we need some new regulations. As things have gotten worse in the economy the are taking advantage of people.
    . People do use to much credit. It's true we are an I want it now society. There are many things that led to this. It was not totally the banks fault. You have a choice to get credit or not so some of teh fault lies with the card holder. They offer credit and people take it. They are at fault for giving credit to people (just like housing) who should not have it. It just so happens that no one wants to take responsibility for having bad credit habits so it is easy to blame th ebig guys, which by the way is how Obama wants it.
    itsmesteph11

    Answer by itsmesteph11 at 9:43 PM on May. 17, 2009

  • Because the powers that be handed them a check.
    ______________________
    Well, OK, but I am saying on a responsibility level, as far as the failing economy. The banks played a huge part in this, yet I hear a lot of bashing of individuals who were irresponsible, and nothing about the banks. It is the bank's responsibility to take care of your money, yet they traded that away for a short term gain, rather like the irresponsible college student that racks up 5G in debt from buying clothes and going out to eat.
    stacymomof2

    Answer by stacymomof2 at 9:44 PM on May. 17, 2009

  • Banks were irresponsible because the likes of the Senate Bankking Committee (Frank, Dodd, etc) turned the other cheek while they were getting perks.
    _________________________
    So you are saying there MUST be tighter regulations and oversight to prevent the banks from from running wild? I agree!
    stacymomof2

    Answer by stacymomof2 at 9:46 PM on May. 17, 2009

  • which by the way is how Obama wants it.
    _____________
    You had me until this line. I think Obama sent the bailouts to the banks, not the people. Right?
    stacymomof2

    Answer by stacymomof2 at 9:47 PM on May. 17, 2009

  • No, I think no matter which way the pendulum swings government mixed with business (in this case~banks) is just plain BAD! Leave the govt out of it. and People need to READ what they are about to get involved in.
    grlygrlz2

    Answer by grlygrlz2 at 9:48 PM on May. 17, 2009

  • No, I think no matter which way the pendulum swings government mixed with business (in this case~banks) is just plain BAD! Leave the govt out of it. and People need to READ what they are about to get involved in.
    _______________________
    OK, so taking your point further...do you not then hold the banks responsible for their part? After all, if they didn't offer the money to people who were bad credit risks, this recession would have been short and shallow, instead of devastating.
    stacymomof2

    Answer by stacymomof2 at 9:57 PM on May. 17, 2009

  • Well, OK, but I am saying on a responsibility level, as far as the failing economy. The banks played a huge part in this, yet I hear a lot of bashing of individuals who were irresponsible, and nothing about the banks.

    The bashing of the people exists because they didn't read their paperwork and made bad decisions. Case in point, these awful mortgages. . . We looked into one, and on page 7, they told us exactly what our payment would be depending on what the rates were. I took one look at that 1700 dollar payment and knew we couldn't afford it. DH said, well, we'll refinance. I said, what if we can't? He got mad.

    couple years later, he's not so mad anymore. We'll own a home, within the next three-four years, barring anymore employment catastrophes.

    The point is, I read everything they gave me. Many people just signed on the line. Same with credit. I'd love to know how many people don't read the pamphlet that comes con't
    lovinangels

    Answer by lovinangels at 10:06 PM on May. 17, 2009

  • with their credit card, and then cry about their fees.

    The banks were just following the new laws to help everyone own a home. It's what happens when the law gets involved in the free market.
    lovinangels

    Answer by lovinangels at 10:16 PM on May. 17, 2009

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