I keep hearing that the government shouldn’t help those people who took out mortgages they knew they couldn’t pay, but yet, I haven’t heard many people mention that we shouldn’t bailout the mortgage companies and banks that loaned them the money.
Here’s my question: Doesn’t the blame lie with all of them? If I go to a bank to take out a loan and the bank knows that there is no way in hell I’m ever going to be able to pay it back, don’t they have some obligation to their employees and stockholders to not give me the loan? While I hold some blame for accepting a loan I know I can’t pay back, I wouldn’t have the loan if the bank or mortgage company didn’t grant it.
So, who is to blame and why is it that I have to pay for this mess because I don’t have a loan I can’t pay for.