Re: OT: McCains Howard Dean Moment.

["David Sackman" <fluid.logic@gmail.com>]

Hi all, long time lurker, new poster here.  Couldn't resist replying
to this.  I, too, blame the banks. After all, they're the
professionals and "should" know better.  I work for a mental health
agency in California and we had a client on conservatorship (we
managed his money because he couldn't) and he continually received
credit card offers, would spend up to the limit and be unable to pay.
This happened over and over again even though he defaulted on over
$30k worth of debt, and despite his case manager repeatedly calling
the credit card companies and telling them to stop.

I really enjoy the discussions here both on and off topic and the
generally respectful tone...

By way of introduction I loop with a Boomerang, mostly with guitar and
bass, but am currently distracted learning 7 string Brazilian guitar
(choro) music.

David Sackman

On 10/5/08, Jeff Shirkey <jcshirke@midway.uchicago.edu> wrote:
>
>   Why isn't anyone angry at the morons
>
> > that took out loans they knew they couldn't pay back?
> >
>
>  That's a tough one. For one thing, a lot of people probably thought they
> could pay back the loans--or at least hoped they could. When they 
>discovered
> (later) that their interest rate skyrocketed, then they could no longer
> afford to pay. Second, I don't necessarily blame the consumers--at least 
>not
> all the time. It's pretty tough to turn down the opportunity to buy a 
>home
> (or take some other large loan) if someone is going to offer you the 
>money.
> I blame the lenders, in other words. Another example: I have so many 
>credit
> cards (and I get solicitations every week for more) with a total credit 
>line
> of an obscene amount of money. Why in the world not just one bank--but
> several--would extend me credit lines of 20K or more, I have no idea. But
> they do. I could get in serious financial trouble very easily. Would I 
>be to
> blame, or do the banks bear some responsibility as well?
>
>  Jeff
>
>