I blame him for not explaining it properly.
Who do you blame for the recession
- Thread starter Mercenary Keyboard Warrior
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I blame him for not explaining it properly.
That's a daft thing to say . The banks were lending money to people who they knew couldn't afford them. Northern Rock lending out 125 % mortgages to Chav families and the like.
To the OP I blame The Labour Govt and the banks.
Soldato
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GORDON 'the end of Boom and Bust' Brown
Human nature, the entire financial system is a man made invention the whole "recession" and the way the financial system plays out is based on the whims of man kind, we are to blame for the recession - for being utterly stupidly close minded as a race.
Soldato
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3) Cucumbers
Associate
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I solely blame the sub-prime mortgage lenders in the USA. They were one of the first, from my understanding anyway, of the people to cause this current chain of events. And bankers are to blame for trusting them, and investing heavily in stupid things. Much as I dislike both current and previous government here, I don't feel they contributed to it as much as they were victims of it themselves.
That's about where I sit on the issue.
I have to admit, it irks me that i'm paying for someone else's ****-up.
Man of Honour
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Shame he didn't use such fiscal genius during his time as chancellor when borrowing 40 billion a year and running a defecit during boom years not to mention that deregulation calamity that is the FSA.
I wouldn't trust him with a bairn's pocket money let alone one of the biggest economies in the world.
Well I read that it's the growing divide between (super) rich and everybody else that -- being totally unsustainable -- will lead to crisis after crisis, when a growing number of people have to borrow beyond their means just to pay the bills.
And the forecasts that were quoted point to this getting worse in the next decade, with figures like "the top 1% will earn up to 60% of total generated income."
So without sounding like a commie, I think we need to do something to address the inequality growing in this country, as we're now well below other Euro zone countries on that HDI index.
And the forecasts that were quoted point to this getting worse in the next decade, with figures like "the top 1% will earn up to 60% of total generated income."
So without sounding like a commie, I think we need to do something to address the inequality growing in this country, as we're now well below other Euro zone countries on that HDI index.
Nobody really, the economy is typically cyclical so after a boom period it was inevitable that there would be a readjustment. It certainly hasn't felt like a recession in the way that previous ones (20 years ago) have, although I'm in a different stage of life now.
I'm helping it for instance today i bought my 8th pair of headphones today that to be honest I don't need. I was only thinking about doing my bit for the economy.....honest
Nobody really needs a house over a flat, foreign holidays, 2 new cars, sky tv, etc. Those aren't "bills".
I think what's sort of happening is the western worker and eastern worker's quality of life is slowly being equalized in a financial osmotic effect. Your quality of life will go way down, and theirs will go slightly up. The super rich will remain super rich if not richer.
Then you should blame bill clinton and the community reinvestment act, which essentially ordered lenders to make mortgages to minorities and poor people so that everyone could be "equal" and own a house.
Don't make sub-prime loans: you're a racist.
Then later when it blows up in their face: you're a predatory lender.
From 2005:
http://www.usatoday.com/money/perfi/housing/2005-03-16-subprime-usat_x.htm
http://en.wikipedia.org/wiki/Community_Reinvestment_Act