It’s good that litigation will be tougher this time around than in past bubble bursts. People need to learn their lessons and sometimes that comes about the hard way.
Here’s a few tips for the litigants:
1) Don’t buy what you can’t afford.
2) Don’t invest what you can’t afford to lose.
3) Realize that investing is gambling and don’t invest beyong your comfort zone.
On the plus side it seems courts are more willing to force people to take responsibility for their own actions. I read a piece on law.com today about a cigarette verdict being tossed. Maybe the judiciary is coming around to reality.
I agree with you Lasbat, you shouldnt buy what you can’t afford also that Investing doesnt mean you are always going to get a profit, but what about those people that tried to do a short sale to atleast break even. Then banks got greedy and eventought the maeket was bad they still wanted more money that what the property actually was worth. Not being able to do a short sale…the only other option is what, Foreclosure.
You’re absolutely right, people shouldn’t invest more than they want to lose and should take responsibility for their own losses. Of course, if you’re a central bank or an entity “too big to fail,” you can throw all responsibility out the window because you can always find politicians willing to bail you out. And where does the money come from to bail out these titans? Well, for anyone naive enough to ask that question, just bend over and grab your ankles and you’ll get the answer good & hard. Why the “taxpayer” will bail them out of course! The great majority of people will never make this connection because they’re too busy watching American Idol, “24,” the 3-hour Access Hollywood special about J. Lo, or Jessica Simpson or whoever; these people have one refrain: “the government’s gotta do something!” Of course the government is responsible for the mess in the first place but don’t try telling that to the American zombies.
I’m with lastbat and the rest of you, but if we all agree that the government should not bail out any private industry, then why are they? I’m not crying to them to do it. I’m actually irritated that they even consider such things. People will learn. People will survive. They may have to survive in an apartment vs a house, but hey that’s where they started and they can get back on their feet and maybe this time be more cautious. Sometimes I just don’t want to pay my taxes because of garbage like this, but then I’d go to jail for someone to get a free house and a million dollar executive another bonus! Yippee!
how about us taxpayers hiring a lawyer to do a class action suit against any politician who VOTES BAILOUTS OF THESE CORPORATE BIMBOS (ESPECIALLY THE ONES WHO CONTRIBUTED TO THEIR ELECTION CAMPAIGNS)!
It’s good that litigation will be tougher this time around than in past bubble bursts. People need to learn their lessons and sometimes that comes about the hard way.
Here’s a few tips for the litigants:
1) Don’t buy what you can’t afford.
2) Don’t invest what you can’t afford to lose.
3) Realize that investing is gambling and don’t invest beyong your comfort zone.
On the plus side it seems courts are more willing to force people to take responsibility for their own actions. I read a piece on law.com today about a cigarette verdict being tossed. Maybe the judiciary is coming around to reality.
I agree with you Lasbat, you shouldnt buy what you can’t afford also that Investing doesnt mean you are always going to get a profit, but what about those people that tried to do a short sale to atleast break even. Then banks got greedy and eventought the maeket was bad they still wanted more money that what the property actually was worth. Not being able to do a short sale…the only other option is what, Foreclosure.
lastbat,
You’re absolutely right, people shouldn’t invest more than they want to lose and should take responsibility for their own losses. Of course, if you’re a central bank or an entity “too big to fail,” you can throw all responsibility out the window because you can always find politicians willing to bail you out. And where does the money come from to bail out these titans? Well, for anyone naive enough to ask that question, just bend over and grab your ankles and you’ll get the answer good & hard. Why the “taxpayer” will bail them out of course! The great majority of people will never make this connection because they’re too busy watching American Idol, “24,” the 3-hour Access Hollywood special about J. Lo, or Jessica Simpson or whoever; these people have one refrain: “the government’s gotta do something!” Of course the government is responsible for the mess in the first place but don’t try telling that to the American zombies.
Hey ! Let’s not put “24” in the same group as that other drivel !
I’m with lastbat and the rest of you, but if we all agree that the government should not bail out any private industry, then why are they? I’m not crying to them to do it. I’m actually irritated that they even consider such things. People will learn. People will survive. They may have to survive in an apartment vs a house, but hey that’s where they started and they can get back on their feet and maybe this time be more cautious. Sometimes I just don’t want to pay my taxes because of garbage like this, but then I’d go to jail for someone to get a free house and a million dollar executive another bonus! Yippee!
how about us taxpayers hiring a lawyer to do a class action suit against any politician who VOTES BAILOUTS OF THESE CORPORATE BIMBOS (ESPECIALLY THE ONES WHO CONTRIBUTED TO THEIR ELECTION CAMPAIGNS)!
Now that’s a lawsuit I can support. Sign me up.