"Watch your thoughts; they become words. Watch your words; they become actions. Watch your actions; they become habits. Watch your habits; they become character. Watch your character; it becomes your destiny." -- unknown

Insanity is doing the same thing over and over and expecting different results - Albert Einstein

Talking heads can annoy me
October 04, 2008 - 1:10 pm

Why?

Some talking head on tv said... One of the concerns with this bailout bill is that while it should help the average person continue to get loans.. these people are going to have to show more documentation and, as a result, may not qualify for the loan.

Whiskey. Tango. Foxtrot.

That's a key reason why we are in this mess.. banks didn't require documentation -- in some cases NOTHING at all in terms of income/assets was documented. This mean a person could walk into the mortgage office and lie about income to get whatever loan he/she wanted.

Having to document that you qualify for a loan may "suck", but it's clearly a good thing.

To say it's a 'concern' of the new bill is well.. asinine. It's a damn good thing that people shouldn't be able to borrow more than they can reasonably be expected to pay back.

What's worse.. someone who is denied a loan... or someone who gets the only only to have to file bankruptcy in a few years when the burden of the laon is too much?

I'm thinking we need a new class in school.. Perhaps part of Civics or Home Economics... or a wholly new classed called "Personal Responsibility".

How credit works.. how loans work.. how mortgages work.. what a credit score.. what it means to save for retirement.. and the like should be taught.