Consequences of Massive Bailouts
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Isn't caveat emptor always a good rule to try to live by regardless of who might have legal liability?
What's amusing to me is that the swimming in the gulf analogy works well for the opposing arguments. So I'll keep using it too.
A tourist is well aware that they should swim at their own risk. And they did learn to swim just fine. They took the time to do some research- they read the riptide signs and know the flag system. They make themselves aware of the nearest lifeguard tower. So they loom up and see a yellow flag (if not a green one). And they see many many locals in the water having the time of their lives. They recall the wise words of their parents and grandparents who told them to wear floaties and to stay close to shore. But this seems safe. So they jump in and within a little while they find themselves in a riptide. And suddenly there's a mass drowning. Many die.
Afterwards, many folks who survived count their blessings especially after it is discovered that the lifeguards were clueless and just watched everyone drown and that despite there being an unprecedented danger due to riptides the fire department flew green/yellow flags instead of closing the beach.
Instead of discussing the terrible failures of the system, a vocal
group who wisely stayed on shore covered from head to toe in sunblock wearing a lifevest sitting under an umbrella talk about how all those people drowned as a result of their own irresponsible actions.
"My parents taught me the dangers of swimming in the gulf", they said. "It was obvious something like this would happen. You swim at your own peril."
A tourist is well aware that they should swim at their own risk. And they did learn to swim just fine. They took the time to do some research- they read the riptide signs and know the flag system. They make themselves aware of the nearest lifeguard tower. So they loom up and see a yellow flag (if not a green one). And they see many many locals in the water having the time of their lives. They recall the wise words of their parents and grandparents who told them to wear floaties and to stay close to shore. But this seems safe. So they jump in and within a little while they find themselves in a riptide. And suddenly there's a mass drowning. Many die.
Afterwards, many folks who survived count their blessings especially after it is discovered that the lifeguards were clueless and just watched everyone drown and that despite there being an unprecedented danger due to riptides the fire department flew green/yellow flags instead of closing the beach.
Instead of discussing the terrible failures of the system, a vocal
group who wisely stayed on shore covered from head to toe in sunblock wearing a lifevest sitting under an umbrella talk about how all those people drowned as a result of their own irresponsible actions.
"My parents taught me the dangers of swimming in the gulf", they said. "It was obvious something like this would happen. You swim at your own peril."
Those lifeguards were making 10% commission for each swimmer that jumped in the water. If people trusted them when they were screaming "now is a great time to go for a swim!", that's their own fault. This was a gold rush, plain and simple. There are always unwitting participants.. each of which has now learned a very valuable lesson.
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Full disclosure- I ran to the water, swam all day with the locals and now I'm drowning.
Yep, very good analogy:
1) If they did know how to swim and read the rip currents, they wouldn't have gotten in the water - no matter what others were doing or what the flags said.
They knew better, disregarded the signs and their elders' advice, and went in anyway.
2) Even a green flag does not mean it is safe - just like with mortgages, you have to read the fine print - though that isn't exactly fine print since it's posted in letters over an inch high. :roll:
3) You leave your safety to someone else and ignore the warnings and you will get in trouble. "Trust in Allah, but tether your camel."
4) There is something missing from the story. A mass drowning does not occur when people know how to swim and tell when the water is safe - regardless of flags and lifeguards.
5) Floaties are crap for anything but keeping your beer hand above water.
Sort of like the 1850 Fugitive slave law where magistrates got paid $5 to determine someone was a freeman wrongly imprisoned by slavecatchers and $10 to say they were a slave. :roll:
Full disclosure - the water looked really nice so the locals/lifeguards/Sheriff watched me while I waded, but wouldn't let me swim.
Some drunk tried to tell me it was safe to swim, but he was pointing at a dune and slurring so I didn't believe him...................and then one of the locals chased him off.
We didn't want anybody to drown, but by the time we knew they were in trouble, they were too far out to save.
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Good times, Scooty! 
I went through a similar experience, I've wanted a house with a larger backyard and space for a green house for years. I started shopping in 2005 and found the homes I liked were out of my price range. Despite the fact that BofA was telling me they could "make it work", I just didn't bite - too much debt for what I was getting. Now those same homes are down ~40%, and continue falling.