Conversation

Notices

1. Embed this notice
   The Felon Pope :popephil: (phil@freeatlantis.com)'s status on Thursday, 09-Jan-2025 04:06:48 JST The Felon Pope :popephil:

   I don't really understand the thinking behind this. If people borrow more money than they can afford to pay back, how is that not their fault alone? Sure it's a risk to the lender, but it should stop there. It's not like buyers are being forced to take out loans that they can afford. We have reached a time when being irresponsible, is somebody else's fault.

   https://www.zerohedge.com/political/us-government-sues-warren-buffetts-berkshire-owned-lending-company-predatory-mortgages

   • KeepTakingTheSoma likes this.
   • Embed this notice
     KeepTakingTheSoma (keeptakingthesoma@spinster.xyz)'s status on Thursday, 09-Jan-2025 04:08:57 JST KeepTakingTheSoma

     in reply to
     @Phil Lenders have a responsibility too. Banks have fucked up big time over the last 30 years, so let's not give them a free pass.
     Remember the old adage:
     If I owe the bank £100 I can't pay back, I have a problem.
     If I owe the bank £100,000 I can't pay back, the bank has a problem.
   • Embed this notice
     The Felon Pope :popephil: (phil@freeatlantis.com)'s status on Thursday, 09-Jan-2025 04:14:28 JST The Felon Pope :popephil:

     in reply to

     • KeepTakingTheSoma

     @KeepTakingTheSoma
     Well I know that banks are scummy, but they mostly get away with that because government bails them out and creates a moral hazzard.

     I still don't accept that irresponsible debt is the lenders fault.

     Though I do accept that ultimately the government distorts the marked and messes up all the signals and exacerbates the problems.

     KeepTakingTheSoma likes this.
   • Embed this notice
     KeepTakingTheSoma (keeptakingthesoma@spinster.xyz)'s status on Thursday, 09-Jan-2025 04:21:06 JST KeepTakingTheSoma

     in reply to
     @Phil I agree that borrowers must always take responsibility. In an ideal world it would be much less of a minefield with the average person/family being able to afford a mortgage.
     But we cannot trust banks right now with digital currency on the horizon and Blackrock and their cronies buying up the world.
   • Embed this notice
     The Felon Pope :popephil: (phil@freeatlantis.com)'s status on Thursday, 09-Jan-2025 04:31:14 JST The Felon Pope :popephil:

     in reply to

     • KeepTakingTheSoma

     @KeepTakingTheSoma I agree that banks shouldn't be trusted. I have all kinds of personal mitigation strageties as a result.
     But, the government agency that is supposedly regulating them, isn't any more worthy of trust than the banks.

     This is the struggle of our time, you can't really trust any institution.

     KeepTakingTheSoma likes this.
   • Embed this notice
     KeepTakingTheSoma (keeptakingthesoma@spinster.xyz)'s status on Thursday, 09-Jan-2025 04:31:25 JST KeepTakingTheSoma

     in reply to
     @Phil You're not wrong there.
   • Embed this notice
     @polarisera reposted your post (polarisera@spinster.xyz)'s status on Thursday, 09-Jan-2025 04:37:41 JST @polarisera reposted your post

     in reply to

     • KeepTakingTheSoma

     @KeepTakingTheSoma @Phil A long time ago, some internet wonk said we've always had information overload, we just had better filters. We've always had corrupt institutions, we just had better blinders.

     KeepTakingTheSoma likes this.
   • Embed this notice
     KeepTakingTheSoma (keeptakingthesoma@spinster.xyz)'s status on Thursday, 09-Jan-2025 04:40:11 JST KeepTakingTheSoma

     in reply to

     • @polarisera reposted your post
     @polarisera @Phil You're not wrong there.
     I get the impression today that they rub our noses in it and remind us that there's nothing we can do about it.
     I completely understand why the French sent their elite parasite entitled class to the guillotine.