We're in denial: Afraid to face up to the real causes of recession

[Maniacc]

"There is, however, a missing link. For if too much debt is at the heart of the crisis, what about the over-borrowers? What do they have to say?
I'm not talking about unfortunate souls who have slipped behind as a result of redundancy or family crisis. I'm more interested in Smart Alecs who signed for a dozen credit cards and then spent over the limits. Or homebuyers who enjoyed a burst of creativity when it came to disclosing incomes on mortgage forms. Or heavily geared buy-to-let merchants who worked out that instead of paying for a house, they could get a house to pay for them.
These and others have played a role in creating the credit crunch. But we rarely hear from them or about them. The reason, I fear, is that after 12 years of a government which has infantilised the electorate by telling it that the state will always provide, there has been a shocking diminution of personal responsibility. We are a society addicted to victimhood.
As such, when things go wrong, we seek bogeymen rather than face up to our own shortcomings. We expect instant, painless solutions to self-inflicted problems. Britain's booze culture is blamed on the slick advertisements of drinks companies and the cut-price tactics of supermarkets. Our obesity epidemic is the fault of junk-food outlets and confectionery suppliers. And our personal indebtedness, the highest it has ever been, is the result of a pernicious campaign by greedy banks to enslave their customers. Oh yes, and the crash was caused by beastly Americans.
It is a mindset that is fostered by cynical politicians who see few votes in telling people that which discomforts them, even if it's the truth. Much better to identify a "dark force" and then roll out an initiative to tackle it. This exculpates the guilty, while creating an impression of activity..."

http://www.telegraph.co.uk/finance/c...recession.html

It's sad that putting the blame on the people that made decisions to get themselves in debt is such a cold water splash of reality to people.

People are entitled fucks that need to be marched into ovens.

[SL65AMG]

word. people are stupid and dont live within their means. banks are also responsible...

[alpine_aw11]

Since when are American citizens responsible for anything? Blame W.

[SL65AMG]

Since when are American citizens responsible for anything? Blame W.

was that a serious statement? that proves the whole point that people do not take responsibility for their own actions.... its always someone else's fault


W is not the reason people overspend way beyond their means.

W is not the reason low income people got approved for mortgages they could not afford, because the banks were tryin to make a buck.

[Deke]

was that a serious statement? that proves the whole point that people do not take responsibility for their own actions.... its always someone else's fault


W is not the reason people overspend way beyond their means.

W is not the reason low income people got approved for mortgages they could not afford, because the banks were tryin to make a buck.

I'm pretty sure he was being sarcastic. Way to fall for it though

[alpine_aw11]

was that a serious statement? that proves the whole point that people do not take responsibility for their own actions.... its always someone else's fault


W is not the reason people overspend way beyond their means.

W is not the reason low income people got approved for mortgages they could not afford, because the banks were tryin to make a buck.

lol

gotcha bitch!

[Total_Blender]

is that after 12 years of a government which has infantilised the electorate by telling it that the state will always provide,

LOL WUT?

I thought the mantra of the Republican regieme that just left office used to be "personal responsibility". Remember, Bush & co. bailed out the banks... not the homeowners.

[BanginJimmy]

LOL WUT?

I thought the mantra of the Republican regieme that just left office used to be "personal responsibility".

It used to be, and for 6 years (first 2 years Bush acted like a conservative) we had a democrat that claimed to be a republican.

Remember, Bush & co. bailed out the banks... not the homeowners.

Considering Washington played a HUGE roll in causing the meltdown, I guess they should step in and help end it. But we all know that anything the govt tries to do will end in failure. We have more than a 2 centurys of proof of that.

Dont act like it was only republicans that passed that bill though. It was Reid that added a few extra billion in pork to buy the democrat votes needed to pass it.

[Terror]

true story, i see people everyday having more and more problems defaulting on there maxed out 25000 dollar limit credit cards

and the worst part is, its all spent on bullshit small purchases like food and gas and clothes..

[Maniacc]

true story, i see people everyday having more and more problems defaulting on there maxed out 25000 dollar limit credit cards

and the worst part is, its all spent on bullshit small purchases like food and gas and clothes..

It's the parents fault. Babies are born and little things like cardboard boxes entertain them - it's only after the parents start inundating them with stupid shit that the child grows to become a materialistic person.

I'm materialistic, to a degree, but I make sure that when I use a credit card, it's for something that I can pay off with in 1-2 months... nothing over $200 at a time. I also save a fair amount of my pay and the rest goes towards my bills. The only debt I currently have is my drug loan.

[4dmin]

The problem is people/companies/the systems are not held accountable and we allow debt to flurish and make tons of loop holes for people to further debt or leech off the tax payers. The problem has to be fixed in Washington before it can ever trickle down into American Homes.

I remember the first house my parents purchased they had to put 10k to get in. Past years they were just giving them away and people were banking on gaining equity when home prices rise. Finally it all came to boil and burst.