Like I said in response to a post by Jan, I get both sides of the political aisle in my media since I tend to monitor more compassionate websites, etc, while Taciturn watches CNBC night and day. Makes me crazy, but at least I know what the financial folks are thinking and saying. That helps me in deciding how I think about an issue.
Not quite an hour ago, I heard a hedge fund manager say the most egregious thing. The arrogance of some of these folks simply is breathtaking. He starts in around 3:40 in the video and the thing that made me rise up out of my chair is at 4:00. Note how Erin Burnett, one of the moderators, immediately interrupts.
(I tried to embed the video here but Blogger wouldn't take the code. Sorry.)
I thought people ask for loans, banks investigate if the people can afford them and then banks make the decision to give the loans. That is the way it is supposed to work anyway. I really doubt there was some huge scheme on the part of everyone in the public. Most people are not that sophisticated when it comes to money. If the bank says you can afford it, of course you can (you think). Grr.