Posts Tagged ‘bank failure’

Who’s Responsible For the Bank Crisis?

In Uncategorized on September 30, 2008 at 5:09 pm

Much has been written blaming financial institutions for the recent financial crisis.  Some have gone to the extent of labelling banks as greedy.  Maybe so, but the part played by home buyers must also be examined.

For years, people have been buying homes without knowing how they are going to pay for them.  They knew that they did not have the money to pay for these homes but the lure of ownership proved too much to resist.  It was too tempting not to “dream The American Dream.”

Part of the blame must be borne by these folk.  There’s no such thing as a free lunch.  When you consume without creating an equal value to pay for it, you must one day suffer the consequences.