Alert !! It's not just bad mortgages is it? It's the out of control credit card spending also isn't it?
You blame the poor jerks who obtained mortgages they could not afford and got us into this mess in the first place, right?
Wrong - its not just those 'poor jerks' -
its so-called middle class also. Three different credit card accounts with Bank of America; five different credit card accounts with JP Morgan Chase, 3 different credit card accounts with Capitol One....and on and on and on,,,owing each of them thousands of dollars. These people can't pay these credit card debts either.
Someone I know works for bankruptcy attorneys. Average homeowner - and there are many many of them - is 'middle class'- who file bankruptcy whether or not they keep or walk away from their homes, and they are in debt == they are in credit card debt alone to the tune of from 60,000.00 to over 150,000.00 !! and that's credit card debt alone!
so sop blaming the 'poor jerk' with a mortgage they cannot afford.
Look inside your own wallet. and check out all of Your credit card that You can't afford.
(Just remember, the "bailout" is for bad credit card debts also!! Bad credit card debts also, Which some of you 'middle class' -teetering on the brink of living frm paycheck to paycheck - are responsible for also.
Stop blaming the 'poor jerks' with mortgages they can never reaffirm.
The media, your senators, representatives, they dont' talk about bad credit card debt, and they don't because some of them are in the same boat themselves, just like some of you!
you have much to learn yourself. this wasn't a rant. it was fact.
ever see a 'poor jerk' with a friggen Hummer!
No its your 'middle class' - showing off.
- momshiebLv 41 decade agoFavorite Answer
Sorry folks, but Karl Marx predicted this.
The fact is, our "capitalist" economy is no longer based on the selling of goods and products. Now it is based on borrowing, lending and speculation. Naturally, with that being the case. with banks and lenders becoming more and more bloated and overextended, a day like this one had to come. If people really thought that stocks could continue to rise and rise and rise, without ever falling back, then they failed to understand reality.
Suck it up, folks, this is what we have created for ourselves in this "borrow, spend, borrow" economy.
- oimwoomwioLv 71 decade ago
Those tricky interest rates, they start low, but can be triggered by paying your gas bill a week late (because you were trying to keep current on your mortgage and your credit card payments) and rise in a split second to over 30%!!
Once that happens, forget even making the minimum payment.
Oh yeah, don't forget the car loans--people borrowed big to finance those $69,000 Hummers that they can't give away now with the current price of gas. That'll be the third shoe to drop....
- EvieLv 61 decade ago
Where you're wrong is that it is the poor jerks and the middle class jerks. They all live above their means, buy houses they know they can't afford, put everything on credit, then not pay it back. Why should I feel sorry for any of them? Budget, save, live within your means, not someone else's and things like this crisis would not happen.
- Anonymous1 decade ago
The problem is mortgage based assets which have been wrapped up into securities (bonds) which the banks invested in.
Credit card debt was not turned into securities.
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- butterfly24301Lv 51 decade ago
I'm sorry! Please forgive me. Wait a minute. I pay my bills on time. Those jerks are making money off of me! They should have plenty of money. They get a lot of mine. Tell me I would save money, get a discount if I take their card. Save? Yeah, I like discounts. I'll take it!
I got it. Wish I hadn't used it! I could sure use that money I'm giving them every month.
- Anonymous1 decade ago
Blaming or not blaming, in this case, doesn't move the crap further from the fan.