Financial Cookie Jar

So bankers started to offer faulty mortgage systems and then the next thing we know the economy is on the down turn.  Now it almost seems like we have given the okay for banks to do things like this by not holding anyone responsible.  I know that we should expect citizens to know what they are getting into, but if there are confusing contracts and monetary issues shouldn’t we make sure there is a law against that?

I am a person who believes that government should keep their hands off of capitalism and yet if there is not some market control then we have our current problems to look at.  Namely, recession.  So what do we do?  First of all we need put realistic limits on adjustable rate mortgages that will allow banks freedom, but not undo power.

We need to remember that the limits placed on mortgages are not there just to protect individuals, but to protect the economy itself.  When mortgages can’t be paid in large amounts, like we are seeing right now, the entire country suffers the decisions that individual citizens made, because banks followed greedy tactics.

Should people not have signed those contracts?  Sure.  Should the people who created unnecessarily harsh agreements carry some of the blame?  I think so.

Some steps are already being taken in that direction. Already the U.S. Attorney General and the FBI are examining banking policies.  What these law enforcement agencies are looking for are ponzi schemes, lies to investors on the condition of hedge funds and impossible promises that motivated financial growth.

Its about time.  Justice is one of the other things that we need in order to improve our banking in the future.  While banks and hedge funds believe that they can say what they want and write contracts they want these problems will continue in the future.

As finacial honesty is enforced we will discover that the quality of our American banking system will increase