I think there’s enough blame to banks

Dec.03, 2008 in Market Outlook

I can agree with the assessments that banks are to blame for the unprecedented debt faced by the American consumer, BUT, I do feel that there is a considerable amount of responsibility that should be placed on the consumer. We are a fairly educated and intelligent mass of U.S. citizenry. The consumer should be held accountable.

Yes, the banks offered credit to people who couldn’t pay it back, but the consumers who accepted that credit are at least partly to blame. We are fairly educated in this country. The banks wanted to make more business, and the consumers wanted things they probably knew they couldn’t afford. Perhaps the interest rates on credit cards are too high, but when people get the credit they are informed of the rate, and if they don’t like it they don’t have to take it. Stop talking about the evil banks. They’ve made mistakes, for sure, but how many people in this country have been helped by loans from banks over the years? How many peoples’ lives are better because a bank took a chance on them?
I have a family member who works for a bank. We live within our means, pay our bills when they’re due, and don’t buy more than we can afford. As a result, we are lucky enough to have some money in the bank and owe little. I realize some people have unexpected expenses and illnesses, but is everyone else in this country stupid? Consumers should at least accept that they are partly responsible for this mess.

— Alan

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