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Originally Posted by Charlatan
Does anyone have any other way of fixing this that doesn't require a time machine (  ). |
This is a good question. Besides what's being done it would seem prudent to aggressively suggest that people do their homework so as to avoid making stupid decisions. I can't imagine how many times the market has suffered as a direct result of uninformed consumers. I of course feel for them, as they're going through tough times, but a bit of research (maybe even a post on TFP?) could have told them that they were making a mistake.
On the other side, it was clear pretty early on that sub prime was a time bomb. Hey... psst... market.... we know you want to make money. We get that, we really do. But how about getting your head out of your ass an looking ahead 5 years instead of 2 quarters? Your giving money to people with bad credit at a high interest rate, and you're doing it A LOT. This isn't rocket science. It's not even econ 101. Did you see what happened to New Century? Do you want that to happen to you? THEN DON'T GET SO GREEDY YOU LOSE PERSPECTIVE. The funny thing is, I doubt people will learn from this. People will get greedy again and people will suffer and companies will go under.