by Rick Lowe
Here we go again… the government is planning to protect us from ourselves.
Turns out we're irresponsible and will grant salary assignments to pay for our loans above and beyond our means to "unregulated" – by government that is – lenders.
Give me a break!
The government, a group that is obviously very concerned with being responsible with the country's budget (dripping with sarcasm of course) that they have the ability to decide how much debt people should get into.
I repeat. Give me a break!
Of course, the clearing banks have a problem because of "unregulated lenders" and employers that allow staff to to to assign too much of their salaries for loan payments so that they have limited carry home pay. According to Mr. Nat Beneby of the Royal Bank, "other" consumer loans are even causing a problem with mortgage delinquencies.
I repeat. Give me a break! Competition is not the problem.
What business of the government is this? If people over extend themselves then the bank forecloses on the security held. Simple. Or else the matter should be settled by the courts, not politicians.
Another thing that might help is a credit bureau where centralised records are available to lending institutions including banks and "unregulated lenders".
Pretty soon they'll be telling us what size sodas we can drink or when we can have sex. And we know how qualified they are to direct our lives don't we?
Give me a break.
One final point. Regulation is not the exclusive domain of government. The market regulates as well. That's why security is repossessed. The market dealing with its problems wihtout political interference that singles out who gets taken care of while ignoring others in a similiar plight.
Well said Rick.. The government is so busy protecting us from ourselves, but who is protecting us from government?? The government over taxes us by deciding what we may consume, it over regulates us which limits our productivity and then at election times promises us anything for our vote.. These promises are never kept as they end up in the political trash can of broken promises..
The growth and power of big government is slowly destroying individual initiative as it moves to control every aspect of our private and public lives.. Individual liberty, the hallmark of freedom, is being compromised by collective thinking that has debased both individual freedom and initiative.. Today this is just as apparent in the United States as it is in our Bahamas where individual rights as set forth in the United States Constitution are given up in exchange for a false sense of government imposed security.. Does anyone in America remember or even has read the Fourth Amendment?? Again we must ask ourselves, who is protecting individual citizens from big government??