Letting them run loose with leveraged finance and credit cards was malicious, unprecedented and deliberate.
I think the problems we have today should be apportioned thus:
Banks 30%
General public 20%
This Government 50%
Lets face it everyone has been greedy here.
You have to say that the banks have only done what they have always done and that is to try make money come rain or shine.
That's their business they are inherently greedy. They offered us debt knowing full well that years down the line that the taxpayer would foot the bill, well that time has come.
Unfortunately as mentioned by www aound 50% of the general public are thick. When majority of them couldn't even tell you who the current chancellor is then we can only rely on them to be interested in the X factor, Face Book and adverts for companies offering IVA's and consolidation loans.
The other 50% should know better.
The government can take the majority of the blame for the current situation, for failing to regulate the banks, letting the utility companies shaft us and introducing the IVA into the equation.
You see the story goes like this:
Bank wants to find new ways of making money so bank offers loans to lowest common denominator knowing full well that they can't repay. They repackage the debt and pass it on knowing that when the music stops the tax payer is the person without the chair.
Government knows this and does nothing to stop this going on knowing that it's extra tax receipts in the coffers when lowest common denominator spends the loan.
To the government people taking out loans is just another form of tax.
Goverment further ecourages this by bringing in the IVA. This encourages thick joe public to take on debt without taking on responibility for it hence there is nothing to deter them for getting in over their heads.
Ultimately we and the government have been shafted by the banks but you have to say that the majority of the blame lies with the government for failing to govern.
After 11 years in charge can you see one positive thing this government has done for us.
Nope neither can I.