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How Did We Get Here? A Look Back at the Bank Ads That Paved the Way

24 Feb

Every day I hear people talking about how we are in this mess that was caused by irresponsible people getting loans, buying houses and doing dumb thigns they could not afford… and every day I think to myself… has everyone got amnesia?

I don’t own a television, and I don’t watch anything in the mainstream media – but even I remember the onslaught of the Home Equity Loan and No Money Down ads the banks blanketed the airwaves, direct mail, print and every other form of advertising with as recently as 2007.

Hell, they were still giving out stated income and Alt A Option Arm loans in 2007! So where did this massive ‘responsibility” come from?

Well, here is just a short taste of what we left behind back there… courtesy of YouTube:

Now that’s pretty grotesque – exhileration over new debt… It’s not as if the guy got a raise and his family was happy – hell no, he just got to pay MORE every month on his already overburdened budget!

This one is pretty good too…
Don’t you just want those ‘good old days’ back?

I still didn’t see my all time favorite – one that I heard countless times on the radio and on the television even though my only exposure to television was in other people’s homes… In that one the happy family is gathered by their new truck in front of their house with the new roof explaining how they got a new roof and a truck and paid off all their credit card debt … (drumroll please) and their PAYMENTS WENT DOWN!!

Of course there is no mention of the fact that they are now paying interest only on a mortgage that represents an infinite return for the lender and infinite debt for the homeowner…

Oh there is a mile of fine print at the bottom of the page or screen that goes by in hyper speed… But heck, as Alfred E Newman always said in Mad Magazine.. “What, me worry?”

 
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