I don't really understand the thinking behind this. If people borrow more money than they can afford to pay back, how is that not their fault alone? Sure it's a risk to the lender, but it should stop there. It's not like buyers are being forced to take out loans that they can't afford. We have reached a time when being irresponsible, is somebody else's fault.
@KeepTakingTheSoma@spinster.xyzRemember the old adage:
If I owe the bank £100 I can't pay back, I have a problem.
If I owe the bank £100,000 I can't pay back, the bank has a problem.
@Phil@freeatlantis.com@KeepTakingTheSoma
Well I know that banks are scummy, but they mostly get away with that because government bails them out and creates a moral hazzard.
I still don't accept that irresponsible debt is the lenders fault.
Though I do accept that ultimately the government distorts the marked and messes up all the signals and exacerbates the problems.
@KeepTakingTheSoma@spinster.xyzBut we cannot trust banks right now with digital currency on the horizon and Blackrock and their cronies buying up the world.
@KeepTakingTheSoma I agree that banks shouldn't be trusted. I have all kinds of personal mitigation strageties as a result.
But, the government agency that is supposedly regulating them, isn't any more worthy of trust than the banks.
This is the struggle of our time, you can't really trust any institution.
@KeepTakingTheSoma @Phil A long time ago, some internet wonk said we've always had information overload, we just had better filters. We've always had corrupt institutions, we just had better blinders.
@KeepTakingTheSoma@spinster.xyzI get the impression today that they rub our noses in it and remind us that there's nothing we can do about it.
I completely understand why the French sent their elite parasite entitled class to the guillotine.