• pan_troglodytes
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    1 year ago

    2008 financial crisis

    aka sub-prime lending. this sort of thing has happened before, “buying on margin” in the 1920s, for the stock market. it didnt end well then either.

    the way that laws work is that if you sign a contract, it’s legally binding - so if you take out a giant loan to buy a house & cant make the mortgage payments, you’re out of house and you’re liable to pay back the loan. you gotta read the fine print before you sign anything.

    • kameecoding@lemmy.world
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      1 year ago

      Dude, there was a systemic failure, the banks were deregulated, then the rating agencies misrated loans to keep making money.

      Blaming individuals for “not reading the fine print” is just another form of bootlicking/victim blaming

        • Nudding@lemmy.world
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          1 year ago

          Yeah man, it’s the average Joe who’s wrong, and the corporate banking investors who are right. Good and normal take lol