We admire the gumption and the incitement of populist rage. We swear and our blood pressure increases too, when our bank charges us overdraft fees, or that weird monthly fee if you don’t keep $1,000 in your account. Still analyzing that 6 point font agreement we didn’t sign but is apparently in effect.
So, sue the banks! Ok. Sounds good.
The entire economy was (allegedly) dragged down by those crazy loans that the banks KNEW *K*N*E*W that the applicants could never repay. No income verification, etc….
The actual issue is the misrepresentation of the quality of the loans. First, the banks were forced to write them. Second, I’ve never heard a banker brag about the brilliant loan he wrote that he knows he can’t pay back. So, what to do? Should be easy for the banks….the suit will be dropped faster than white on rice. Er, wrong analogy?
Since the U.S. forced the banks to write bad loans, again, to those who can’t pay them back, I guess we may see the first ever U.S. vs. U.S. lawsuit. Of course, once the monolithic paper chewing administration realizes why the banks wrote the loans in the first place.