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Click to view NoBullFunding's profile Mogul NoBullFunding 278 posts since
Oct 6, 2008
15. Re: Banking Embezzlement - Motivation? Nov 7, 2008 6:46 PM
in response to: chuckgallaghe
I don't dispute that greed caused the mortgage crisis, but again, my comment was directed at your claim that the current mortgage crisss it was due to lacks of internal controls. Banks making the conscious decision to relax lending standards is VERY different than lacking internal controls.

As far as listening to a banker...it's not hard to look at your take home pay and figure out if you can afford a monthly payment. A bankers job is to approve loans that fit within THEIR criteria, not the borrowers budget. We are all big boys and girls, and should not blame others for our bad decisions.

I had a business and it failed miserably. I'm not asking for a "redo", I'm not asking for the debt to be forgiven, and I'm not blaming the landlord who rented me the space, despite the fact that the rent was not commensurate with my ability to generate revenue. This is no different than people who paid to much for homes and can afford them.
Click to view Lighthouse24's profile Mogul Lighthouse24 2,396 posts since
Oct 10, 2007
16. Re: Banking Embezzlement - Motivation? Nov 7, 2008 10:05 PM
in response to: chuckgallaghe

Chuck, I guess this is where our viewpoints may differ: "Many law abiding citizens, elected to take a path of fraud when Katrina hit . . . because the ‘opportunity' was right."

I don't quite believe that. If they committed a crime in the wake of Katrina, I'd bet they weren't law abiding citizens before it hit. Squeeze an orange, you get orange juice -- you never get tomato juice. Put a person under pressure and the essence of what's really inside always comes out.

I'm not sure that 1 in 9 Americans are "finding themselves incarcerated" (as in "Oops, what the . . . how did I end up here?"). They knowingly committed a criminal act (probably more than one time) and eventually got caught. Oops.

A contributing factor to that 1 in 9 statistic is that given a choice between spending time: (a) at home in their neighborhood, (b) at work in a job they can get with limited education and skills, (c) in the military or some other service occupation, or (d) in prison -- a sizeable number of people would (and do) opt for prison. They "do the crime" because "doing the time" is not all that bad in their case . . . but that's another debate altogether.
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