When people feel like, 'Lenders weren't fair with me; I don't have any responsibility to be fair with them.' If we go far enough down that line, much of the fabric of our economy starts to unravel.
Sentiment: NEGATIVE
For too long, Americans have fallen victim to financial abuses at the hands of predatory lenders that operate in the shadows.
The banks are not lending, at least from what I see. They were so wild and reckless back in the good times that they got burned terribly.
I went to the bank and proposed that they lend money to the poor people. The bankers almost fell over.
As borrowers, we may feel guilty about running up debt, anxious about making payments, and resentful of the constraints that old obligations (and old credit records) impose on our current choices. We may find it too easy to buy things we may later regret.
The post-crisis perception, at least in the media, appears to be one of Americans being held down by Wall Street, by big companies in the private sector, and by the wealthy. Capitalism is on trial. I see it a little differently. If a lender offers me free money, I do not have to take it.
Millions of Americans are struggling to pay their mortgages. They have a right to know whether members of Congress receive sweetheart deals in order to pay for theirs.
When the banks grow to or when these financial institutions grow to such a size that they can't sustain themselves, or what have you, they have problems, economic problems, or financial problems, they shouldn't be able to look back to you and I, the taxpayer, to be bailed out.
The truth is we need to build an economy going forward with all of us, when we all move forward and the payment of a national debt is not the responsibility of one group of Americans versus another.
You might say those who can't repay their student debts shouldn't have borrowed in the first place. But they had no way of knowing just how bad the jobs market would become.
The universe of mortgage lending has gotten to the point where there is a place in it for everybody.