The Ignorance and Immorality of Banking Executives

Here are two pricelessly childish comments on my previous article from two individuals with a rather puerile outlook on life illustrating the sheer ignorance of many people – particularly those in the financial industry.

The comments clearly show the immoral banking industry thinks it is quite okay to dishonestly extort money from people if those people can be persuaded to volunteer themselves to sign up for racketeering ‘financial products’.

Jamie MacNab naively tells us that,

“Correction : people took out loans from these banks because they thought they were getting a good deal ; they could have gone elsewhere.

Correction : the banks are being sued because the Council believes that it will be the British taxpayer who will foot the bill.”

And ‘Quincunx’ breathlessly says,

“The last time I investigated, borrowing money from banks was not compulsory, even in Ohio.”

I say;

Jamie, and Quincunx,

People have a fundamental need to find somewhere to live. It boils down to renting or buying. Buying might easily be considered the most intelligent long term decision. You cannot avoid making these decisions of logic so far. There is absolutely no choice. You exist. You have to have a roof over your head.

But, according to your logic, of course, it would be possible to say you could actually choose simply to live in an open field (if you can find one where you won’t be chucked off). That way you don’t have to worry about the hassle of finding money every month to pay a mortgage or the rent to a landlord.

But that has certain drawbacks, doesn’t it ?

‘These people’ you describe as though they are some kind of dim, grasping, feckless, subspecies of human, quite different from you, did not take out these mortgages ‘because they thought they had a good deal’.

They took them out because they were forced to take them out if they wanted any kind of mortgage at all because the banks contrived to deny them ordinary decent mortgages with normal decent civilised terms.

The banks thought by labelling people as ‘unreliable’ by virtue of a falsely constructed ‘credit rating’ based on virtually meaningless nonsense dreamed up by complete idiots obsessed with that magic word ‘computers’ and it’s attendant corporate infobabble, ‘information technology’, reducing life to meaningless tick boxes on forms, it gave the banks an excuse to rob people blind. The banks did it out of pure greed.

In virtually every case of a subprime mortgage it seemed the right thing to do at the time and the mortgage holder believed monthly payments could be met, ,just like he would have thought he would be able to find the same amount of money to pay monthly rent to a landlord.

The mortgage was often actually a smaller monthly sum to pay than paying rent for a house you didn’t own.

So it was definitely the right thing to do – to take out a subprime mortgage rather than no mortgage at all.

Then, you have to consider the brokers arranging the mortgages saying how the hapless subprime mortgage holder could expect to change his mortgage to a different lender after a couple of years when the charmingly described low ‘teaser’ rate of interest rose dramatically, propelling monthly mortgage payments instantly into the stratosphere, often to become completely impossible to meet. That was a lie.

So, Jamie, you are completely, comprehensively and spectacularly wrong. These mortgage holders are victims of a rotten, corrupt, greedy, dishonest banking system.

The mortgage holders positively could NOT go anywhere else to get a normal mortgage. The banks prevented that.

The banks deliberately set out to trap increasing numbers of people into higher and extortionate lending processes using the same sort of logic and persuasion that ordinary criminal extortionists used to use to blackmail people with.

And I’m afraid the logic of suggesting that people go to court to sue others because someone else is paying the bill, so that makes it all OK, is quite puerile.

That bill will only be paid if the court finds it is true the banks acted wrongly and are at fault. If they are not, the British taxpayer or any one else wont be paying any bills at all, will they ?

These two mentally challenged individuals clearly show how dishonest and dim so many people in the financial industry – particularly the banks – can be.

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3 Responses to “The Ignorance and Immorality of Banking Executives”

  1. unlawflcombatnt Says:

    rocketone,

    Great piece. Though I think you wrote this with the British housing market in mind, the exact same thing applies in the US.

    The crooked lending institutions did everything possible to convince homebuyers to take out mortgages, including outright lying to them. Now it’s the crooked lending institutions that are being bailed out, not the those they lied to and cheated.

  2. bbost Says:

    I have posted several items along the same vein. I don’t get how many people do not understand that most people who are struggling with their mortgage, on whatever terms, have/had a job and are being affected by an economy affected by the banks that are having problems.

    I like your thinking.

  3. Topics about Banking » The Ignorance and Immorality of Banking Executives Says:

    […] MODERN TIMES IN MUDSHIRES put an intriguing blog post on The Ignorance and Immorality of Banking ExecutivesHere’s a quick excerptHere are two pricelessly childish comments on my previous article from two individuals with a rather puerile outlook on life illustrating the sheer ignorance of many people – particularly those in the financial industry. The comments clearly show the immoral banking industry thinks it is quite okay to dishonestly extort money from people […] […]

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