Free Home Marketing

Spec Tac asked:


As both a homeowner and a financial professional, I become completely disgusted when financial professionals, Rick Santelli being a prime example, put all the blame on homeowners for taking bad mortgages and get angry when the individuals will receive some stimulus money yet don’t seem nearly as upset that poorly managed companies receive a rediculously higher amount of stimulus money for taking high risks and getting burnt?

This situation highlights a huge issue that I have with the perspective that so many have.

First of all, why do people who work in finance and many wealthy right-wingers in general assume that everyone is financially savvy and should have been able to know they were getting a bad loan?

Lets put it this way – when I am ill and go to a physician, and he perscribes a medicine for me, would these same people assume that everyone should be medically astute enough to know on our own if we will be able to handle this dosage, or if this is the right perscription or not? Of course not. So how can these people blame homeowners who visit a mortage broker (who at one point in time could credibly be presumed to be a financial professional), and the mortgage broker says that based on their analysis you can afford $X of a home, and we would recommend this mortgage – how when the person puts their faith in the financial professional’s opinion can they all be blamed? This is as hippocritical as if in the previous scenario, a prescription ended up killing many people, would the patients be blamed by medical professionals?

And on the second part of my argument, I hear so many right-winged representatives (talk show hosts on radio and tv, among others) mocking individuals who expect to get free stuff (i.e. government tax dollars paid for by individuals) from the stimulus package, in particular under Obama. Why do these people not feel the same way, but on a more intense level, to the corporations, like the auto CEO’s who flew to meet with congress and asked for their free stuff, and when congress asked them to show how they will spend it uuhhhh, we didn’t really put a financial plan together to bring with us…not to mention other corporations who receive insane sums of money for taking huge risks and failing.

Wouldn’t a better plan for the people of this country have been to let the big corporations who burned themselves fail (doesn’t the true nature of a free market involve a survival of the fittest component?), and use these huge sums of money to help the individuals and other businesses stay afloat who weren’t a cause of this problem but were inadvertently affected – i.e., cut out the problematic corporations on the top of the economic food chain and support the rest of the innocent?

Please discuss – and STAR and COME BACK TO THIS QUESTION to keep the discussion going through additional edits.
Thanks for sharing.

You didn’t address one of my points though – you say if YOU cannot buy something that YOU cannot afford, then that is STUPIDITY.

What about the financial professionals selling things that people cannot afford? Is that not STUPIDITY from a higher level within the transaction. They have a responsibility to be ethical and perform duel dilligence to make this determination, and when they don’t, or even worse knowingly do sell a bad product as an investment which further hurts our economy, that is a much greater form of STUPIDITY. What about the people who were not informed as to how adjustable rate mortages worked, and were encouraged into them by the professionals. How can you not blame the professional over the individual?

Caffeinated Content for WordPress