Forum Post: A Banker Speaks, With Regret - KRISTOF / NYTimes Op-Ed
Posted 12 years ago on Dec. 1, 2011, 6:34 a.m. EST by stephenadler
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http://www.nytimes.com/2011/12/01/opinion/kristof-a-banker-speaks-with-regret.html
Above is a link to a good Op-ed in the NY times by Kristof. Pretty much sums up why the 99% are so pee'ed off. It's like the system is rigged against the people. Banks get bailed out, but not the people trying to hold onto their homes.
Please remember a simple fact about the bank bail-out: It was a loan. And it has been paid back with interest. It was not free money. As for those loosing their homes. I'm compassionate. I'm sorry for them. I feel the pain. But also remember THEY signed up for an ARM= an Adjustable Rate Mortgage that has a ballooning interest rate. All they saw was the first year's low monthly payment. They didn't look down the road at what was CLEARLY going to happen. Bad decision making on their part is THEIR problem. Not Mine!
Try getting money when the market is against you as an individual, the banks and investment houses just get your assets at bottom prices.
There should have been no bailout and if a bailout then the banks should have been taken over and all the profit in the ensuing years given back to the taxpayers.
http://www.youtube.com/watch?v=4Z9WVZddH9w