For a start, borrowers are not adolescents being given something for free. They are adults making decisions about their own financial assets for themselves with consequences to be carried by themselves. Are you really as you describe or is it just other people who need Nana State to tell them what they are allowed to do?
I agree, but your formulation assumes that adults are smart, responsible, rational, etc. Your long years of experience should tell you otherwise.
There is a thin stratum of smart, responsible, rational, etc., adults and then there are the rest, who are foolish, stupid, irrational, etc., and don't look past tomorrow.
They outnumber us.
I know I did not and I am sure you did not get into financial trouble with pie-in-the-sky schemes such as the mortgage products which the Choreographer of Chaos allowed on his watch. Your only [public] fiasco is Globalstar and its winged satellites which, after seeing what happened to Motorola's scheme, I avoided. Like the plague. You, of course, were under the influence of the .bomb virus, proving that even the most rational and most prudent sometimes get caught up in manias and frothy schemes.
If you - an eminently rational creature - can be bamboozled by Bernie Schwartz, pray tell what easy money, ARMs and liar loans can do to the dull and uninformed?
Yes, the Choreographer of Chaos gave the keys to the Ferrari to a whiskey swilling teenager. That he is held in such high regard even now is unimaginable. If I were him, I'd be on suicide watch for the shame and the guilt would be overpowering. He is not only because he is such a master of obfuscation and rationalization that he sees things probably much as you do. |
