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May 12, 2010

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JanetBrowning

Houses are expensive and not everyone is able to buy it. However, loans was invented to aid people in such situations.

eric best

Jane, I am not sure what your comment is intended to convey. Not all houses are equally expensive. Of course not everyone can buy a house, and an important root cause of the crisis was that people who could not afford houses - either at the price, or at any price - were given the means to buy what they could not afford. Then their promises were securitized and sold as if they would be kept, which they could never be. Loans were not invented to help people buy things they cannot afford. And the history of interest rates, and legislation against usury, might make you wonder why people are being led into debts they should never take on at rates they should never be charged. In my opinion it is immoral and should be illegal to take advantage of people who do not understand interest rates, or compound interest, or how to use their capital wisely.

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