OK, I'll try not to do this too often, but I gotta say it: is the highest ambition of the average American to be viewed as a victim? It just seems like no matter what the situation, folks just can't bear to admit that they have taken part in causing their own problems. (Yeah, I know, sometimes people don't cause their troubles, but that is not the topic of discussion today.)
The reason the local attorneys running their "Help Me Find Someone to Sue" ads continue to run these ads is because they are making money at it. And they are making money at it because people see the ad and pick up the phone. And they are picking up the phone because they see they have a shot at getting paid to play "Lawsuit Lotto". It doesn't cost anything to spin the wheel. There is nothing to lose. Greed makes the game work, just like in Las Vegas.
I am a mind reader. I can hear your thoughts. You are thinking "Hey, Dave, what does this have to do with real estate in Louisville, KY?" Here's the deal...all this sub prime meltdown stuff is getting on my last nerve. The borrowers think they are victims. The salesmen types think they are the victims. The banks think they are victims. The institutional investors think they are getting the short end of the stick. Here is the moment of clarity: Most everyone knew it wasn't going to end well, and they did what they did for their own benefit. Some would even call it greed. Just like in Vegas, even with a fair game, the fun doesn't last forever.
Yes, I think the people who acted illegally should be punished. However, a bad outcome doesn't mean we have to get out the torches and the pitchforks and try to hurt folks (or institutions) because something bad has happened. I also think that if we stay away from Uncle Sugar handouts we will do better. In the end, the free-market economy and dare I say it's name...CAPITALISM
will actually fix most of this stuff in the most efficient and effective manner.
So what do YOU think? Post a comment.
P.S. Just for the record, anyone who ripped off people who seriously just didn't understand (which probably isn't the majority of folks who got those overleveraged ARMs) needs to be sent to h*&l wearing gasoline shorts. Thanks.
The reason the local attorneys running their "Help Me Find Someone to Sue" ads continue to run these ads is because they are making money at it. And they are making money at it because people see the ad and pick up the phone. And they are picking up the phone because they see they have a shot at getting paid to play "Lawsuit Lotto". It doesn't cost anything to spin the wheel. There is nothing to lose. Greed makes the game work, just like in Las Vegas.
I am a mind reader. I can hear your thoughts. You are thinking "Hey, Dave, what does this have to do with real estate in Louisville, KY?" Here's the deal...all this sub prime meltdown stuff is getting on my last nerve. The borrowers think they are victims. The salesmen types think they are the victims. The banks think they are victims. The institutional investors think they are getting the short end of the stick. Here is the moment of clarity: Most everyone knew it wasn't going to end well, and they did what they did for their own benefit. Some would even call it greed. Just like in Vegas, even with a fair game, the fun doesn't last forever.
Yes, I think the people who acted illegally should be punished. However, a bad outcome doesn't mean we have to get out the torches and the pitchforks and try to hurt folks (or institutions) because something bad has happened. I also think that if we stay away from Uncle Sugar handouts we will do better. In the end, the free-market economy and dare I say it's name...CAPITALISM
will actually fix most of this stuff in the most efficient and effective manner.
So what do YOU think? Post a comment.
P.S. Just for the record, anyone who ripped off people who seriously just didn't understand (which probably isn't the majority of folks who got those overleveraged ARMs) needs to be sent to h*&l wearing gasoline shorts. Thanks.
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