I agree with how the unethical actions of mortgage bankers contributed to the current crisis.
However, one cannot ignore the conscious choices of those who "purchased" homes (especially with no down payment) that they could not afford, whether a traditional mortgage, balloon mortgage, etc. A simple excel spreadsheet or a mortgage calculator that anyone could access free via internet at their local library discounts the claim that "they couldn't have known". It is popular to "blame the rich", but as one who has lived in the lower range of the economic spectrum for a number of years, I believe it is important for everyone in society to have a sense of personal responsibility, not just the wealthy.
The Price of Inequality
I agree with how the unethical actions of mortgage bankers contributed to the current crisis.
However, one cannot ignore the conscious choices of those who "purchased" homes (especially with no down payment) that they could not afford, whether a traditional mortgage, balloon mortgage, etc. A simple excel spreadsheet or a mortgage calculator that anyone could access free via internet at their local library discounts the claim that "they couldn't have known".
It is popular to "blame the rich", but as one who has lived in the lower range of the economic spectrum for a number of years, I believe it is important for everyone in society to have a sense of personal responsibility, not just the wealthy.