Romney rich friend says inequality good for U.S.

[jackstar7]

If you take out a loan for 150K and dont understand basic terms like the amount changing you are either a complete idiot, or greedy.

And yes banks were greedy too.

Both sides were greedy.

Are you saying that because both sides of this transaction were acting immorally (if that's the wrong word, please characterize what greed means to you), that no one is more to blame for the consequences?

 

[jstern01]

If you take out a loan for 150K and dont understand basic terms like the amount changing you are either a complete idiot, or greedy.

And yes banks were greedy too.

Both sides were greedy.

No, the individual for not understand the complex instrument they were signing is not greedy, they are stupid. The fact that bank knowingly bundle shitty mortgages and leveraged them, then took out insurance betting they would fail is greedy. Can you understand the difference? One was stupid, the other purposefully was greedy.

And here is a question, to gauge your financial acumen. is a Good Faith Estimate binding? No google, just answer yes or no and why. You would be surprise how many people get this wrong.

 

[cybrsage]

I would say the individual was ignorant, not stupid. The individual simply did not understand the topic and the lender did not explain it well enough to be understood.

 

[jstern01]

I would say the individual was ignorant, not stupid. The individual simply did not understand the topic and the lender did not explain it well enough to be understood.

Would you go as far as to say the individual was unsophisticated regarding the loan instrument that was presented?