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Originally Posted by Vasu
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Okay. I'm getting a little tired of the ideal world brush-offs. What is your suggestion then? That everybody be responsible? That nobody be materialistic? Even that happens only in an "ideal" world. I still maintain that the fact that banks give out loans so irresponsibly is NOT the man's fault. He's entitled to spend his money in any way he sees fit.
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I don't think that anyone here is saying that you don't have the right to spend the money you earned in whatever way you want. The problem lies in spending money that you don't have for things you don't really need, such as for the aforementioned IPhone. People borrow more than they could realistically afford to pay back and the banks can write it off as profit in the books. This is what happens when the economy is coasting along.
We then hit a bumpy spot. Oil prices flucuate, housing prices collapse, banks start going under, car companys go hat in hand, noone can afford to pay back the sums they've borrowed. etc. ad nauseum.
There are things the way they should be, and there are things the ways they are. (clunky sentence) Banks
should only be lending to those who can afford it, people
should only borrow what they can afford to pay, we all
should take into account real needs first, but that is not they way things are. In the end, we can only look back and say that
this is the way things should have been, but much too late and after the fact.
^Typed out before Hessah's reply
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