I have Another Question

I seem to have a lot of questions about the economy. The question this time is in regards to the banking industry again.

There was a raging correspondent for CNBC on the floor of one of the exchanges and he was responding to President Obama's answer to the housing crisis. The correspondent, (I think his name was Santorm), was yelling that is was unfair that the President's plan would help people that were not "responsible". You know, the people that borrowed more than they could afford.

The traders on the floor behind this irate journalist were cheering with discontent. The same traders that had no complaints when they were all making money. Now they are filled with moral outrage that some homeowners might be helped by the Obama Home Recovery Act. Is it not their job, meaning the lenders, to confirm all information that is provided by a loan seeker. Is there not supposed to be due diligence on their part that prevents fraud on the part of the public. That's how it use to be. I had to verify my employment and income and they checked it too. But when you know that you will not be holding on to that loan. That you would sell the loan before the ink even dries, fact and proof be damned.

The fact that every time the Obama Administration proposes an idea we look at how Wall Street will react is ridiculous. I believe that only a truck load of money to the doors of the stock exchange in NYC will satisfy these people. Like the Golddiggers they are, they now despise what made them rich now that it can no longer sustain them.

We are constantly seduced if not bombarded by things we must have. People naturally want to not only have better for themselves but for their families. Lender seemed to be saying that they could have it all. They were offering home equity loans, sending pre approved credit card applications. "Your Job Is Your Credit"...

A large segment of our population is to blame for being stupid, lazy, naive and yes, greedy but why would the banks put their very existence at risk. Surly they knew what risk they were taking. A little greed is part of a successful capitalist economy. It became the entirety of our economy. To the point that the banks and Wall Street, forgot what they were about. Now they have fallen silent. With no ready answers to solve the crisis that they in large part created.