Thursday, August 23, 2007

greed

The recent financial news is much to be desired. Where is the integrity of the banks and the professional bank (home) loan officers who allowed those questioned applications?

Why should the reserve banks from the rest of the world pump in millions and trillions when this is the result of the irresponsibilities of the bank officers and the respective banks who gave loans to those with little means to maintain the loan in the US? It appears that in the US, every few years, the US reserve has to pump in to stop gap!

Naturally the institutions like banks have nothing to lose...rather, they have all to gain --they just repossess those faulted payments. Furthermore many houses are built 'on sand' -- poor quality housing!

Since the introduction of credit card, many in the West (and the rest of the world who fall prey) chalked up personal debts! There was the tune played how smart one is to use credit cards for transactions when the reality is man will spend more than necessary depending on his psychological state at the time!

Where is honesty? Where is integrity? The West used to be noted for its integrity...today...it appears the US have become rogues!

As a result there will be more homeless people in the US...and winter is approaching in a couple of months!

7 comments:

Pauline said...

Breathe in, breathe out! Sorry I can't give any better informed advice at the moment. I have still been enjoying my daughter and the baby. Television news has been put on hold. Thankfully it has given me a sense of calm. I only deal with my areas of ability to control. It is good to be informed by the media, just remember everything we read is infact another's opinion. We have to learn to sift the words and determine what is....have a deep breath now. My mother lecture has ended! Best wishes for a peaceful day.

twilite said...

Hi Pauline! Thanks for the reminder. I wrote my tuppence worth of opinions though! I see your hands are full. You're a beautiful person...glad I got to know about your blog.

Mother of Invention said...

We should go back to the barter trade system like in the pioneer days!
Banks lend $$ far too easily I think and people get into trouble far too often.

twilite said...

moi: I guess our system has gone too sophisticated to return to barter trade.

I'm more concern for those without homes to live through the winter.

OldOldLady Of The Hills said...

It's a mess...and that's for sure! Where this is all going to end, is anybody's guess, but it certainly doesn't look good on any level...!

Joy Des Jardins said...

Another sad state of affairs....like we needed another.

Becky L said...

Your post is very insightful. Thanks for sharing.