Quote:
Originally Posted by Sidd Finch
We've been through this before. The issue isn't just protecting people who are incapable of protecting themselves, or unwilling to do so. On that, I tend to agree with the "fuck 'em" mentality. The problem is that that, as those people default and the defaults mount, they end up fucking all of us.
"Too big to fail" means "too big not to regulate."
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You missed my point, I think. I said I was conflicted because I recognize your point: That the average person will fuck his finances up if left to interpret borrowing contracts on his own. And I see the argument that lending agreements are written to screw the borrower, and should be less confusing. I just find it a bit sad, and a sign of the slow decline in the quality of human we're producing here, that our reaction to the problem is just "Make the banks play more fair" instead of "Make the banks play fair
and tell Joe Sixpack to educate himself enough to read a borrowing agreement."
The best way to stop the banks from fucking around with consumers is to create a class of informed consumer who can't be so easily fleeced while also applying sensible regulation to avoid the most egregious fleecing techniques. All I'm hearing from Warren is one side of the cure. She'd gain a hell of a lot of bipartisan credibility if she also offered a tough love message: "If you can't understand the agreement, don't sign it. If you do anyway, shame on you."
