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badtoworse

(5,957 posts)

13. You make it sound like there is some cabal that plans all this stuff

Reply to Bonhomme Richard (Reply #10)

Tue Jun 12, 2012, 07:57 PM

Jun 2012

I don't see it that way. People have lost lots of money because they became overleveraged, but so have the banks - they've lost tons of money on the foreclosed properties they now own and lose everytime someone defaults on any other kind they hold. Both should have known better. I don't have a lot of sympathy for people who became overleveraged because they could borrow a lot of money and then used it on stuff. I don't have a lot of sympathy for banks that did away with the traditional standards for mortgage lending and wound up with a portfolio of bad loans.

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What killed our economy was moving to a leveraged [View all] mmonk Jun 2012 OP

Are you saying that debt was to easy for the avergae Joe to acquire? badtoworse Jun 2012 #1

Yes and was a substitute for lack of wage growth. mmonk Jun 2012 #2

There is a lot of truth in what you say badtoworse Jun 2012 #6

We had our first concession contract in 1982 so I already knew this NNN0LHI Jun 2012 #3

In the past 30 years . . . HughBeaumont Jun 2012 #4

Yes. The tech boom was a real boom. It was sold off to the monoploists and covered up Egalitarian Thug Jun 2012 #11

Exactly. Debt became a substitute for higher wages....and the chickens have come home to roost..... marmar Jun 2012 #5

They thought it would be better to issue easy credit... Bonhomme Richard Jun 2012 #7

Who is "They"? badtoworse Jun 2012 #8

"They" are the one percenters that drive everything from..... Bonhomme Richard Jun 2012 #10

You make it sound like there is some cabal that plans all this stuff badtoworse Jun 2012 #13

Yup, why pay more wages when loans and credit cards must be re-payed with interest? TheKentuckian Jun 2012 #9

Although I am one of its victims currently, I would not describe this economy as 'killed' or 'dead,' coalition_unwilling Jun 2012 #12

Austerity will kill it in many ways. mmonk Jun 2012 #14