The reason why auto manufacturers must comply with safety standards for their vehicles is so we don't have an epidemic of car crashes caused by faulty equipment. If some auto manufacturer decided to make a cheap car that was affordable to lower income people who could not normally buy a car, but they hit their price point by using really bad brake systems that led to accidents, no one would be saying 'how dare those people dead on the highway buy those cheap but dangerous cars'. The banks created loans that did not meet safety standards, the brakes failed, and foreclosures ( car crashes ) soared.
It's all on the banks. Yes, there was a ton of mortgage fraud and shady home flippers who also had Christmas day for five years thanks to the cheap credit policies, but it all took place right under the banking industry's nose. They knew that money was pouring into real estate and they knew that the system was running without good safety standards.
No comments:
Post a Comment