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Re: Today will be a LONG day. Asian Markets Crashing [Re: johnm214]
    #9060169 -

I'm not sure what you're getting at.  I never said anything about legal ramifications or increased regulation. 
I only noted the parties that I believe have played a hand in the current lockup of the credit markets. 


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Re: Today will be a LONG day. Asian Markets Crashing [Re: geokills]
    #9060195 -

I just said that people should be allowed to get loans others think they are unqualified for and that banks should be allowed to loan to them.


That's all I was asking:  Do you think the government should 'protect' us and the banks from risk or do you think they should be free to contract how they see fit providing the contract is valid and followed.


I agree everyone is responsible, just wasn't sure if that's all you were saying or if you were joining the chorus of folks who think people like me shouldn't be able to get a mortgage if I want just cuz some third party to the transaction thinks I'm unqualified.

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Re: Today will be a LONG day. Asian Markets Crashing [Re: johnm214]
    #9060766 -

That's a tricky question.  In a free market economy, I believe you are correct; that if a bank wishes to loan you money that you may not be qualified for, they should have every right to do so. 

Unfortunately, we do not live in a free market and haven't for a very long time (certainly beyond our lifetimes!).  For you see, if I were to fully endorse a bank giving out unqualified loans, I would also have to fully endorse their unhindered bankruptcy.  But as you can see, our governments are meddling quite a bit in efforts to save the financial world and therefore aren't allowing some of our larger institutions to go bankrupt... and therein lies the problem.  Because by extension, I as a taxpayer have become liable in part for the irresponsible lending or investing that certain banks may have engaged in.  That is where the disparity lies and quite frankly, I am not sure what should be done about it. 

I would hope that banks will voluntarily tighten their credit lending (obviously this has happened to the extreme in the present day), but my hope would have it that they remember this lesson once they have recapitalized themselves and are running "business as usual".  It's a difficult question you pose, and I find myself tossing around arguments in my head for either side.  I'm just not sure, but I surely think that YOU and the banks should have sense enough not to take or lend money that is beyond a debtor's means to repay.  Whether or not I believe there should be hard line federal regulation on this point, I am inclined to say no.


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Re: Today will be a LONG day. Asian Markets Crashing [Re: johnm214]
    #9060771 -

johnm214 said:
geokills said:
thedefone said:
People are starting to talk about holding certain people responsible for this situation.  What are you guys' thoughts on accountability?


Nearly everyone!  From the moms and dads and single dudes who bought homes with no money down, to those who have been racking up their revolving debt via credit cards, to the bankers who encouraged people to go for a home that should have been out of reach given their income,



So you think a bank should be legally troubled cuz someone encouraged me to take out more credit than I could reasonably pay back?



Shouldn't I also be protected from people that want to sell me marijuana when they know marijuana is associated with negative effects?


Shouldn't I also have recourse against someone that doesn't give me the best price on the q-tips I just bought?


I thought you supported personal responsibility and freedom of individuals and companies to make their own paths.


Or are you jsut saying the moral responsiblity includes people that did these things?


Aren't we talking more about the people who were at the helm of a lot of these corporations with the buy swap crap and folks of those ilk.

Shoot, as somebody already said, if we go after everybody responsible, almost all of us are going to the pokey.


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A society whose whole idea is to eliminate suffering and bring it's members the greatest amount of comfort and pleasure is doomed to be destroyed -Thomas Merton

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Re: Today will be a LONG day. Asian Markets Crashing [Re: whattheheck]
    #9060874 -

I went for my nightly "is opposite end of the world fucked?" nikkei market check, without remembering that it's Saturday there -_-

So capitalism is safe for the weekend


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Re: Today will be a LONG day. Asian Markets Crashing [Re: Ferris]
    #9061593 -

I almost did the same thing :grin:


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Re: Today will be a LONG day. Asian Markets Crashing [Re: whattheheck]
    #9063557 -

Sell some now and then buy things when prices are lower later.


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