Please refrain from commenting if you can't do it without putting words in my mouth.
These people are forced into owning cars by a reality of our country that's not changing soon: we're pretty damn car-centric. But they're being taken advantage by a system that uses unethical and even illegal tactics to squeeze them between a rock and a hard place.
The government can either do something upfront and probably save a ton of money while helping lift a lot of people out of a predatory cycle... or it can pick up the pieces after the house of cards comes crashing down.
-
The difference is that if it does something upfront people will claim it's evil socialist government charity to lure irresponsible people into voting. Never mind we did give these people checks to float which were often promptly turned in to these scum... leading to the lowest delinquency rate in the history of subprime ABS ratings (and record subprime loan performance!)
Instead the government will do nothing until the house of card falls, leaving a massive wake of destruction. And then the government will throw around cash to help out the various players across the wide wide range of markets that will be hit by the splash damage.
Their lobbyists will be out in full force assuring us this is what's best for the American people. The American people will be instructed that it was an necessary intervention to save the market.
Infusing overleveraged corporations with cash will benefit some very wealthy people (but don't worry it'll trickle down). And then we'll repeat this in 10-20 years.