There can be no doubt that high regional unemployment and inflation are certainly related with a lower quality of life for employees/folks seeking employment who are struggling financially in that particular part of the country. This gloomy predicament is compounded with a sense of How am I going to dig my family out of this financial hole? Financial stress is experienced by many, even those who use to hold down cushy and financially lucrative jobs.
I believe the aforementioned financial tragedies are connected to the the marginally angry but civil letter to the editor penned by a retired banker named Richard Boerger of Cheyenne, Wyoming.
Mr Boerger writes a letter titled Gun-bankruptcy proposal offensive “on many levels” which enumerates many instances of our tragic lack of gun control. He closes his missive with the following though provoking quote: I apologize to no one for my views as I was a professional banker for 36 years. I view the senators’ proposal as promoting violence toward creditors.
Richard laments that the lack of proper gun control laws can/will lead to more creditors getting shot dead by irate, postal type debtors. As a “professional banker”, he must know that a 30 year mortgage on a $150,000 home ends up costing the borrower around $400,000! That’s right, the interest on such a purchase is 250 THOUSAND DOLLARS or 100 THOUSAND DOLLARS more than the price of the home.
I wonder if he revealed to borrowers that they could turn their 30 year mortgage into a 15 year mortgage by making timely principal reduction payments. Why of course not, because his bank would be losing out on much higher interest income.
Some of the gun violence is likely connected to the pay day loan industry where ignorant people are gouged daily because our financial system is rigged to prey on low income and even middle class citizens.
Lenders who charge an unfair amount of interest are understandably nervous about their well being.(They should be as they are effectively stealing money legally) There are different ways to steal from people. Some are legal and some are not. If somebody breaks into your house trying to rob you, you can shoot them without going to jail. If you sit across the desk from a borrower not fulling disclosing the exorbitant terms of the loan, your actions are akin to theft and you should be incarcerated. After years of doing this, you become callous somehow justifying your actions even sleeping like a baby every night.
Everybody makes their own bed and have to live with the consequences of their choices legal or illegal. Broke people with nothing to lose can be a dangerous lot. It is no fun looking over your shoulder. That should be the guiding principle with regard to treating people fairly.