BBB- A few thoughts on borrowing, banks and bureaucrats

When I was a kid, I learned about the responsibility that came with borrowing money.  If I asked someone to loan me a quarter, I knew that they expected to be paid back.  When I grew up and asked someone (bank) to loan me a bucketload of money to buy a house, I also knew that they expected me to pay them back.  It's a simple concept that I suspect has been almost universally learned.  I never begrudged the lender for expecting to be recompensed, and I never encountered a lender who forced me to accept their offer of a loan.  I have occasionally overextended myself on credit card balances, but never thought of blaming the credit card company for my discomfort.

Are there people who are so unsophisticated that they don't know they are creating an obligation to repay when they accept a loan?  I doubt it, unless they are not capable of functioning without guardianship. 

Banks are a popular target for politicians and others (more than a few real estate professionals) as a source of blame for everything economic that is perceived as bad.  They are becoming cash cows for various government legal extraction artists.  To many folks including me at times, there is a certain feel-good factor that kicks in whenever we hear that a particular bank has agreed to pay a big fine for something they are accused of doing.  Of course, the fine is ultimately paid by stockholders (frequently your and my pension and 401k funds) and benefits to the government, not the actual alleged victims.  Perhaps the bureaucrats agree that the alleged victims really knew better and should receive nothing. 

Although I feel that bureaucratic attempts to bleed cash out of banks is improper, I do not hold either banks or the g-weasels in high esteem.  Banks are inefficient, and they seem to think that customer service is a curse best shipped to an Indian phone room.  They often charge ridiculously high fees for things that should be free.  They are notorious for failing to adequately train their employees.  They are their own good reason for everyone to find a good credit union.