Re: Re: Looking back

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He was right. It really wasn’t anyone’s fault, it’s the way the world is.

To find ‘fault’, one simply needs to find who profited from this: Bankers. To say that there is nobody at fault, that there is no blame is ridiculous.

Blaming regulations, which were abused, ignored and gamed by those who profited by giving mortgages to those who could not qualify, is equally ridiculous. Please note that in the US, executives of industry associations bribe members of Congress with donations. And those executive are rewarded for those donations with favorable laws or when Congress can’t remove a restrictive law, the defunding of agencies responsible for oversight of the restrictive laws, so there is no enforcement.

We don’t blame the a functioning traffic signal for those drivers who choose to run a red light, crashing into on-coming traffic and killing people.

My own experience is telling. In the early 1990s I was in market for a new home. I submitted my papers to ‘pre-qualify’ for a mortgage in the US. I set my limit at $300k. The bank responded that I could ‘afford’ a $700k mortgage and why didn’t I look for a bigger/better home? I am fiscally conservative, but in my wildest imagination, I could not see how I could afford such a high mortgage. There was no regulators telling the banks that they needed to do this.