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Fabs while I agree with you on many levels I still think that the institutions that are giving credit cards and mortgagaes to those people who should not have them need to look in the mirror and take at least some of the responsibility for this situation. If I give a loaded gun to my child and "turn him loose" and then express shock and surprise at the damage created by that, would that not seem to the rest of us an unreasonable position? The credit card companies send credit cards to students who are not yet out of school- does that seem like a reasonable course of action? Giving a mortgage to someone who clearly does not have the means with which to make the payments and asking the government to "bail us out" of this poor judgement situation- does that seem like a reasonable course of action? Some of this situation is caused by forces beyond the control of the banks but I would submit that nothing that is happening now is a truly "unique" situation. When my business was failing there was no bailout for me, as a matter of fact it was the government itself that put me out of business. The only response to my plight was "sucks to be you". I had to sell my house- at a loss and move from where I wanted to live to somewhere I did not and learn new skill sets in order to be able to feed my family. It was 5 years before we were able to buy a house. Nobody came to my aid- nobody offered assistance and nobody cared. These institutions have dug their own holes and now are asking the taxpayers to help fill that hole in. I see this as no different than the criminal who blames his environment for the crimes he commits. I say that more considered positions must be taken by these businesses as they look at offering credit. The first business venture I attempted to start was laughed out of every bank in my home town- because the bank managers did not beleive that a 20 year old kid had the ability to pay back the loan. the guy that has a part time job at Wal-Mart does not have the abliity to pay back the mortgage- don't give him one. The student does not have the means to pay off the monthly balance of his credit card- don't give him one. Thses things are not a right of citizenship but privileges that must be earned. Just MHO.
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