> It's rarely ever been above 5%. Plus, a default doesn't necessarily mean the creditor lost money equal to the full value of the loan plus all interest payments. Some defaults are haircuts, some a break-even, and others simply fail to realize their full value.
Citation on ~5%? I've seen occasional claims that it's that low, but I've often seen it quoted in the ~20-25% range as well. And that ignores the money spent on trying to get borrowers to make good, as well.
> you just have to be willing to ignore fairness, consumer protection, environmental protection satisfaction, and employee satisfaction
Nah, some of the most profitable corporations score really well there. High profit is not well-correlated with bad behavior, even though some bad behaviors can bring high profits. It often just means the company is really good at bringing people things they find useful.
> So, do they merely have these opinions because they are uneducated or because they're misplacing blame in the system?
The people are often educated -- they're merely uneducated on the relevant info for that particular question. Most people don't know how the major systems they interact with work; we should expect them to misplace blame.
Citation on ~5%? I've seen occasional claims that it's that low, but I've often seen it quoted in the ~20-25% range as well. And that ignores the money spent on trying to get borrowers to make good, as well.
> you just have to be willing to ignore fairness, consumer protection, environmental protection satisfaction, and employee satisfaction
Nah, some of the most profitable corporations score really well there. High profit is not well-correlated with bad behavior, even though some bad behaviors can bring high profits. It often just means the company is really good at bringing people things they find useful.
> So, do they merely have these opinions because they are uneducated or because they're misplacing blame in the system?
The people are often educated -- they're merely uneducated on the relevant info for that particular question. Most people don't know how the major systems they interact with work; we should expect them to misplace blame.