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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
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