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" More to the point, when will the public finally accept personal responsibility and exercise restraint..."
And I could say the same for the mortgage companies and banks. Their irresponsible policies are directly responsible for this mess, too, but where is your indignation about them? Ah yes, you do believe in socialism - hand outs and welfare for business.
Baloney.
When you go to the grocery store, is it your grocer's responsibility to make sure you have the money to pay for your food? No. Is it the grocer's responsibility to tell you that you can't buy food based on your income level? No. The grocer is there to sell his food, and he doesn't give a rat's ass if you can afford it or not, or if you buy caviar when you should be buying carrots. NOT HIS PROBLEM.
Same goes for mortgage companies and banks. What do you think they're in business for? TO SELL MORTGAGES AND MAKE MONEY. If they're not doing that, they're outta business. Therefore, it's up to the buyer to beware. The buyer needs to look over his or her own finances, spending habits, financial obligations, etc. and determine for themselves what they can afford, or if they can afford at all. If you can't babysit yourself, then hire a professional to advise you. If you can't afford to hire someone, then you probably shouldn't be taking out a mortgage.
C'mon, the banks and mortgage companies knew what they were doing. And when they got in trouble they looked to Bush to bail them out and he obliged. According to you this debacle was only the borrower's fault. What a load of baloney. Takes two to tango in that complex fiscal dance that banks and mortgage companies wrote in their contracts. No, the banks and mortgage companies, much like Bush, went full steam ahead without thinking about the repercussions and now expect others to bail them out.
Until you get some education on the responsibility of lenders, both legally and morally, I'll leave you with this link. It isn't for YOU to decide whose at fault. It's for the courts. And when people get over their shock of losing their homes, we'll undoubtedly see civil cases. The responsibility of CLEARLY explaining a loan, lies with the person telling you to sign on the dotted line.
http://en.wikipedia.org/wiki/Predatory_mortgage...
"Ah yes, you do believe in socialism - hand outs and welfare for business."
No I don't. I never advocated the government getting involved and bailing out the banks and the mortgage companies. I believe they should take their hard knocks, just like the borrowers. Of course, if the borrowers had been responsible for themselves to begin with, there wouldn't be any hard knocks for the banks and mortgage companies to take. But they weren't doing their jobs properly and like any other business, they should experience the consequences of that.