Mexico protests border patrol firing tear gas across border

[AFPheonix]

I think that's the problem right there, our News Media is notoriously corrupt and far too influenced by our entertainment industry. (One of the biggest surprises in recent years to those in power is how few young people get their news from traditional news media. Most of the young here get their news from the internet.) The 'working poor' you see on the news are, for the most part, either lower middle class or people living paycheck-to-paycheck because they are in college or something like that---being poor temporarily while they better themselves. Do not trust what the American news media tells you---they manipulate you.

The other thing to consider is that many Americans, although they have lots of toys, do not have much in the way of liquid wealth as they are indebted up to their eyeballs. Savings rates in this country are quite low, and it's especially noticeable in the high risk mortgage crisis going on that many of us are pretty over-extended.

[CancelMyService]

People tend to blame the victim a lot too. I mean, almost every commercial for the last 8-10 years was about refinancing your house and buying all the toys you want with the equity of their houses, rather than using a refi to do something smart like get yourself out from under a ridiculous interest rate like my mom did.

Now all those second/third/etc mortgages come due and no one can pay them. I see a lot of people throwing these folks under the bus, but when you're subject to constant advertising combined with some questionable if not flat out illegal lending practices, well that's when it all hits the fan.

Can you believe that in spite of the mortgage crisis going on, there's still a major bank here that uses Jerome Bettis to advertise their super-dee-duper Visa card that's *tied in to the equity of their house*. It took me a few viewings of the commercial for me to realize this card wasn't a regular credit/debit card, but you actually are given a Visa card that allows you SPEND THE EQUITY OF YOUR HOUSE . Holy shit, is that a horrible idea. After spending all that time convincing people credit cards = free money, now you can rack up debt and literally spend yourself out of house and home.

I swear, credit is the biggest racket ever foisted on society. The system is geared to not allow or make it difficult to do any major purchases like a home or car without some sort of credit history. Your entire existence and worth as a person is distilled into a single number Even worse, the methods used to obtain that number are kept hidden from the folks who are gaged by it. Hell, I applied and received a line of credit from Dell for a new PC and monitor, but despite me paying a good chunk of it off immediately, my credit score dropped like 50 points. Why? Who knows. Probably because it was a check on my score to issue the card and then having one awarded to me increased my available credit lines. I have no idea for sure, since inquiring on how your credit score is obtained just gets you a bunch of jargon and mathematical hocus-pocus.

[AFPheonix]

I do blame the victim to an extent. These are the very same people who can't be bothered to read bloody signs when they come to our places of business. Apparently they can't be bothered to read up on huge life choices like mortgages and fiscal discipline. In this day and age there's NO excuse. There are a bazillion books out there, there's the internet, the credit score companies have resources available to help you learn how to earn and keep good credit, there's tv shows dedicated to nothing but financial stuff, there's a bazillion professionals to talk to, classes at the local community college......
I could go on and on and on. The reality is that people got dazzled with having shiny things, didn't feel like reading the fine print, and now they get to sleep in the bed they made. Furthermore, the companies that were stupid enough to lend to these people are getting it in the butt. It's really a modern form of Darwinism.

I will say I heard a commercial the other day on the radio that absolutely made me furious. I rarely listen to commercial radio but it's pledge drive time at the local NPR affiliate. It was some podunk mortgage lender doing the serious voice over serious music thing, telling people that they'd been lied to; there was no mortgage crisis, come on down and refinance today! Woo! Absolutely irresponsible.

[CancelMyService]

That's what I'm talking about. Yes, there is information to be found that will help people make correct and informed choices, but people are also bombarded nearly 24/7 with the opposite message. That doesn't completely excuse someone from making bad decisions, but it's hard to put it all on the person who took out the refi loan when the bank just shuffles papers under your nose and tells you to sign.

(Don't even get me started on those ridiculous Mandatory Arbitration clauses either)

[protege]

When I bought my house in 2006, I had no idea what I was doing. Seriously. I knew a bit, but not nearly enough. So I took a (free) homebuyer's class. Quite a few of the people in that class had no idea what was going on. These same fools were the ones who just *had* to spend their cash on the newest toys, and then couldn't understand why their credit rating was shit.

Some of that is because many Americans are fucking idiots, some of it is because they expect everyone else to take care of them. It just amazes the hell out of me that people aren't more careful when dealing with a *major* item that has the potential to screw them over for years.

[CancelMyService]

Again I state that just because people don't always do their homework, doesn't mean it should excuse the companies that engage in predatory lending tactics or push risky refi/home equity loans that are little more than quasi legal ponzi schemes.

[Seshat]

Both sides are in the wrong.

People should be careful with financial decisions, and should take the time and trouble to become informed about their finances.

Companies shouldn't be misleading about their credit products, and should be careful when lending money to ensure that the potential debtor is able to meet repayments without cutting himself short on food, shelter, and such necessities.

And then there's my opinion on predatory advertising in general - which I feel so strongly about that I never let myself vent about it in public. I have a reputation to uphold.