Who’s To Blame For The Wall St. Meltdown?
I’m surprised that none of the mainstream discussions talk about the HOMEOWNERS! Not the media, not the presidential candidates, not Congress, not the White House.
http://allison-linnmsnbc.newsvine.com/_question/2008/09/22/1897791-whos-to-blame-for-the-current-economic-crisis?GT1=43001
Listen up people! When you signed those mortgage documents, you knew what your monthly payments will be for the next 30 years.
Even if you signed up for an adjustable mortgage:
1. you understood what the consequences of an adjustable are, and
2. interest rates may have gone up, but your payments double? Give me a break, there’s a cap on adjustments.
With a few exceptions, like:
- those who are forced to relocate,
- job loss (last I checked, unemployment is still relatively low for most of the country);
- medical bills,
- death in the family
- etc. i.e anything else UNFORESEEN;
everyone else should face the MIRROR!
None of the exceptions above are big enough to take down Wall St.
If you’re going to blame the bankers - then you have no business buying a house. I still haven’t heard of a case where the underwriter held a gun to the mortgagee’s head.
The greater majority of the people were either speculators throwing the dice, or trying to take advantage of the low interest rates.