ComeFlyWithMe
Established Member
- Joined
- Mar 17, 2009
- Posts
- 2,185
'Market forces' allowed banks to cause an economic collapse that taxpayers are now paying for - as such we had the introduction of the Dodd-Frank act and more stringent lending criteria for consumers. Someone please tell me why the government should be getting involved with this when consumers were happy to take out massive loans and banks were happy to swap and pass on junk debt to their compatriots? What right does the government have to tell a person how much they are allowed to borrow - surely the banks should be trusted and market forces should be followed? If bank is happy to lend 95% to a low income earner at high interest rates what right does the Government have to enforce lending requirements?
Some may say this if off-topic but it is here to make a point that there should be limits to what big industry can offer to consumers.
OT, but it was the lack of banking regulation in the USA that allowed it to take place.
I'm usually on the side of less regulation but some industries should be the exception.