jeff wode wrote:it wasnt the banks or the govts fault. it was the people who shafted the finance system, ok the banks should have been more careful who they loaned to, but the reason that the system went tits up was because people took out unsustainable levels of debt that they then couldnt maintain. if you earn 25k a year, then you borrow 300k to buy a house, it doesnt take a rocket scientist to do the sums and figure out that its an unaffordable multiple of your earnings, top this up with swathes of credit card and loan debt and the system was riding for a fall. but when it went belly up, everyone forgot all about this and just blamed the banks. but the banks problems were mainly because of the profligate behaviour of the great british (and american) consumer. nobody realised it seems that eventually, someone somewhere has to pay the piper.
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