Comments on: Self-interest and Individuality http://www.rocketfinance.net/2010/01/04/self-interest-and-individuality/ Finance is not rocket science, unless it is government finance. Sat, 05 Jun 2010 22:48:26 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: rocketchttp://www.rocketfinance.net/2010/01/04/self-interest-and-individuality/comment-page-1/#comment-25198 rocketc Tue, 05 Jan 2010 15:35:28 +0000 http://www.rocketfinance.net/?p=1121#comment-25198 Phyllis, you are exactly correct - remember that bad business practice was encouraged by our government. They incentivised and even forced banks to make loans to subprime borrowers even thought they knew that they were not going to make any money from those loans. Their search for a profit forced them into riskier types of investments as they resold the loans.Government needs to enforce the law and protect everyone, but sadly our government has become more interested in protecting those who can contribute to political campaigns.Your organization is just one example of the many charitable and free market solutions that Americans can use to solve problems. Washington DC just makes things worse. Phyllis, you are exactly correct – remember that bad business practice was encouraged by our government. They incentivised and even forced banks to make loans to subprime borrowers even thought they knew that they were not going to make any money from those loans. Their search for a profit forced them into riskier types of investments as they resold the loans.

Government needs to enforce the law and protect everyone, but sadly our government has become more interested in protecting those who can contribute to political campaigns.

Your organization is just one example of the many charitable and free market solutions that Americans can use to solve problems. Washington DC just makes things worse.

]]> By: Phyllishttp://www.rocketfinance.net/2010/01/04/self-interest-and-individuality/comment-page-1/#comment-25197 Phyllis Tue, 05 Jan 2010 15:00:35 +0000 http://www.rocketfinance.net/?p=1121#comment-25197 I TOTALLY agree with 90% of your statements. The only addition I would make is that SOMEONE must make sure that business and life in general is able to be conducted in an ethical manner - and it appears that government MAY fit that slot. In my book, less (government) is better. And government attempts at solutions often are a joke. Unfortunately, I know whereof I speak, as I am a housing counselor for a nonprofit legal clinic, working hard to help people keep their homes out of foreclosure. In my experience in this arena, much of the governmental attempt at a bandaid on this solution is totally bureacratic, usually leading to false hope and just postponing the inevitable. While a number of imminent foreclosures stem from the current economy, much of what I see is a result of bad business practices in the real estate/banking industry that should never have been allowed to flourish in the first place. If legislation/government/big business had not been allowed to make some of these deals in the first place, our current situation would not be as severe. THIS is government's primary job, in my opinion, to make the PLAYING FIELD level, not the outcome. I TOTALLY agree with 90% of your statements. The only addition I would make is that SOMEONE must make sure that business and life in general is able to be conducted in an ethical manner – and it appears that government MAY fit that slot. In my book, less (government) is better. And government attempts at solutions often are a joke. Unfortunately, I know whereof I speak, as I am a housing counselor for a nonprofit legal clinic, working hard to help people keep their homes out of foreclosure. In my experience in this arena, much of the governmental attempt at a bandaid on this solution is totally bureacratic, usually leading to false hope and just postponing the inevitable. While a number of imminent foreclosures stem from the current economy, much of what I see is a result of bad business practices in the real estate/banking industry that should never have been allowed to flourish in the first place. If legislation/government/big business had not been allowed to make some of these deals in the first place, our current situation would not be as severe. THIS is government’s primary job, in my opinion, to make the PLAYING FIELD level, not the outcome.

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