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Mortgage Mess Part 5--the Insanity of Americans
The Insanity of Americans
Last week I covered the first three parties at fault in the Mortgage Mess that has turned into a global financial catastrophe. No doubt that the Federal Reserve, the mortgage industry, and Wall Street played a huge part in this mess; but if borrowers were making their house payments there would not be a Mortgage Mess.
Yes, some borrowers were taken advantage of by predatory lenders; but, borrowers have let themselves be taken advantage of by their naiveté or what I call financial insanity. Here are 5 points that I want to make on this topic of consumers' financial insanity--
First, our savings rate was negative for several years this decade, meaning we were borrowing more and more and saving less and less. Why did consumers do this? I believe it is our desire to keep up with the Joneses' (our neighbors) who we don't even like. They buy a better car and we must do the same we feel. At some point in time the Piper must be paid.
Second, borrowers took on too big of mortgages that they could not afford. For the last 6 or 7 years we could approve people for more mortgage ... more

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