patrick.net

We set the rules up like this, the banks knew the rules.

Here is how it went down:
Banks you're abusing people. We told them, from now on, people can dodge paying you back via many methods. So don't lend to someone you think is risky, or someone you think you can abuse and force into debt slavery.

Banks did pretty well, then they wanted to make more money so they changed their lending practices, but the laws never changed. They started relending to people they should never have, for things that weren't sustainable.

Quote from article above:

Even when a lender forces a borrower to settle through legal action, it can rarely extract more than 10 cents on the dollar. “People got 90 cents for free,” Mr. Combs said. “It rewards immorality, to some extent.”

Again, Americans are rapidly becoming deadbeat losers with no morals. There is no possible way a nation full of these lower mammals will ever "recover."

Honestly, folks, why do you think the government is literally the only entity willing to lend to these losers these days? Would YOU give the typical American a loan?

I didn't think so. These deadbeats are taking the entire ship down with them.

Make popcorn and watch from the lifeboats.

I guess I can't delete this - pkowen posted a better link in his thread - to the original NYTimes aritcle

http://patrick.net/?p=497658