This is the level of elementary school playground stupid, so why did the financial editors at Time and Newsweek, The Economist magazine, the Wall Street Journal and New York Times, Jean Chatzky,Suzie Orman and Jim Cramer, miss what any 5th grader could tell you was a very bad idea/ deal ?!?
Go back to your elementary school playground days and consider if you would say 'yes' or 'no' to such foolishness. The every-school-has-one bully comes up to you and says
"i want your lunch, but i will let you keep your unhealthy lousy food if you pay me every lunch period, a penny to start ,,,and who knows what i will take in the future, maybe a penny and all your clothes,,, then a penny, all your clothes and your front teeth i will knock out, then maybe the next lunch period, a penny and all your clothes, and knock your teeth out and shave your head and write coward on your forehead and make you the laughing stock of the school every day and every hour."
Now most playground-wise elementary school kids would say to themselves , "i am very hungry, all the time, but this is ridiculous ,,,and afraid as i am of this typical every school bully,and a penny is ok cuz i am very afraid, but i can not agree to let someone take all my clothes and leave me naked on the playground and knock out my teeth and make fun of me, when i did nothing wrong, other than have this 200 lb bully sit next to me in the lunch room. I'm crying and calling for 'Help!', "Waaaaaaaaaaaaaaaa!!!"
That is exactly how obvious allowing an unscrupulous and untrustworthy and probably un-American bank or mortgage company to sell the desperate and dim-witted a rising and open-to-extortion 30 year house loan called an A.R.M. /adjustable rate mortgage.
So how could all these so-self-called financial experts, like Wall Street Week on tv, and all the others miss the sheer stupidity and enormous risk of this common deal?
The Feds should have outlawed this at the get go.
But it is not yet outlawed by any state or the Feds!!
