The sub-prime market lenders are the payday-loan vendors of the mortgage industry. They're bottom feeders.
So . . . If I stop off and get a payday loan from one of the 10 storefront payday lenders I pass on the way home every day, it's the lender's fault? Real Estate is my business. Sorry, I don't buy it.
No more than I blame the gun dealer that some idiot shot himself in the foot or the deli because some of their customers are over weight.
I could have gotten a bad loan. But I didn't. Why? because I'm responsible for my own actions same as the sub prime borrowers were responsible for their own behaviors. I know people making 35k a year driving brand new $28,000 cars on payments with nothing down. They are idiots. I don't blame the liquor store for the drunks and I don't blame the car dealers for selling cars to idiots.
I don't have a car payment. Haven't had one since I was 30. Why? It's stupid to buy depreciating assets at all and it's really stupid to buy on credit! Credit makes mistakes bigger and much harder to fix.
Do you think the Economy will get better in 2009?
by asilentone 24 Replies latest jw friends
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garybuss
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still_in74
For me, this is a pretty good economy right now, but I'm a down market guy. I just wish interest rates were about 8% CD rates.
I hate inflation mixed up with LOW interest.exactly.
for those with 30 years or more to invest the down markets are where the money is made. But get ready, inflation is coming to the US and big time!
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Cheetos
No, it is all going to hell in a hand basket.
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freetosee
There will be winners and losers! Many, many losers and a few big time winners! The 3rd and 4th World will suffer most! The WTS and other cults will win more members!? :-(