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Forum Post: I knew better; why didn't all of you.

Posted 2 years ago on June 15, 2012, 12:30 p.m. EST by quitcrying123 (0)
This content is user submitted and not an official statement

In 2004, as a bank teller making 9.00 an hour I received a phone call from a teachers credit union offering me a home loan of 240,000. At 20 years of age and knowing nothing about the economy... I knew there was something wrong with this picture. Listen... people KNEW they couldn't afford homes, equity lines, etc. They signed their own names on those loan docs.. knowing they didn't have money to pay it back. After all those folks decided to sign away ... AFTER that is when banks began to package these risky loans. IT'S EVERYONE INVOLVED THAT IS RESPONSIBLE... EVERYONE. Down to the reg. joe who took money they couldn't afford to pay back. WAKE UP! SHUT UP!!! If I, in all my naivety did not take the offer...as much as I wanted that new car.. or house... then those "POOR" little people who lost all their homes KNEW exactly what they were doing. They were not mentally handicapped.. THEY KNEW.. so quit crying and stop pointing fingers. WE ARE ALL in this mess together.

3 Comments

3 Comments


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[-] 1 points by kilroywashere (20) 2 years ago

Using that logic, then people who elect politicians who later end up being corrupt or inept should just shut up because they should've known better? Afterall, I knew better, so why didn't you? The problem with that logic is eventually someone else will know something YOU should have known and ask the same question. And nothing gets accomplished. Better to share your current knowledge to inform, not past knowledge to chastise. Else we'll all end up nit-picking each other to death with "I knew better than to eat that 3rd Big Mac. Why didn't you?" We're all succumbing to the same siren's song, different verse...

[-] 0 points by minhaalma (28) 2 years ago

If everyone had the ability to pay off their student loans, credit cards, mortgages etc. they would and this wouldn't be such an issue.

If the 99% decided to not pay, it would disrupt everything. But if disruption occurs in order to work toward a resource based economy and all debt is forgiven, what is the problem?

We can allow things to continue, and wait for everyone to pay their bills (which will never happen with all the bailouts) nothing will change. How miserable does everyone have to be before we say stop?

How many people die daily worldwide? Why should that many people die at all for reasons that can be easily resolved (starvation, lack of medical treatment etc.)?

According to THRIVE, it would cost $2 Billion dollars annually to end poverty. That's 2% of Spain's recent bailout. Besides improving life for millions, wouldn't ending poverty stimulate the economy? There is no maximum wage for the 1% and despite their wealth, they're not helping anyone.

Everyone has a right to food, water, shelter, the truth and the system has been set up so we have to struggle for it. We don't HAVE to do anything. We don't HAVE to fight wars we don't want to be a part in, we don't HAVE to pay banks that never had the money in the first place (or the paper), and we don't HAVE to continue to support a failing economic system which is falling apart as we speak.

This protest is to bring change. Documents are being leaked frequently, the media fails to inform us of the real news, people are distracted and overwhelmed with advertisements on a daily basis, our school systems are failing (my opinion), no one knows what is fact or fiction when it comes to stock market rumors, the conflict of interest when it comes to political parties is so well known it's charted out AND the pharmaceutical and food industry is poisoning everyone and everything.

If the majority of people said, "We will not pay & We make the rules," then things would be very different.

Most people are against this protest because they're afraid of having a bad credit score or they feel they are morally obligated by that loan they signed. What promises have our politicians kept? Why are you obligated to your end of the bargain but they are not to theirs?

99% Pays No More Loans & Credit Cards http://www.facebook.com/events/417243574982403/

[-] 0 points by VQkag2 (16478) 2 years ago

Many borrowers DO NOT know enough about finances they depend on the professional smartest guys in the room. Most of the underwater borrowers were low income and uneducated. Many borrowers were lied to. Many were given subprime mtgs when they qualified for better rates!. However the smartest guys in the room (real estate agents, mtg/banker, lawyers) THEY certainly knew what was goin on.! They ALL made money on the scam. They took no risks 'cause they bundled and had the loans rated better than they were, and they used credit default swaps to move the risk to the insurance industry who was bailed out along with the criminal banks. The only one that got screwed was the American homeowner. And that is where you reserve your blame? You "blame the victim" it is very right wing of you. Gloss over the crimes of the 1% criminals, and blame the working/middle class who has already been victimized. All simply so that we don't provide the relief where it needs to go. To the people. You didn't complain about the trillions we gave to the criminal banks. I think you must be right wing anti 99%. Anti OWS.