Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
Display:
That's a really good point, but the question is, since the problem is essentially that some borrowers are failing to make good on their obligations to repay their loans (and loans given at historically LOW interest rates, for the most part), WHY aren't bankers the victims here?

To answer this, we have to break out of the rules of the system and account for the fact that bankers are simply more powerful people in society, as a class, than borrowers are, and they are not the victims here precisely because they are the ones who made up the rules that borrowers and themselves must try to follow.  And those rules are what allowed borrowers to be given more credit than was their due, not the borrowers themselves.

by santiago on Mon Apr 19th, 2010 at 07:53:43 PM EST
[ Parent ]

Others have rated this comment as follows:

Display:

Top Diaries

Does anyone care?

by Frank Schnittger - Oct 10
61 comments

The Blame Game

by Frank Schnittger - Oct 8
67 comments

EU-UK Relations: Trading Blows

by Oui - Oct 8
17 comments

John Major's Encore

by ARGeezer - Sep 27
29 comments

Scamming the peace

by Frank Schnittger - Oct 2
23 comments

Wrightbus goes wrong

by Frank Schnittger - Sep 26
26 comments

Occasional Series