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Fri May 31, 2013, 10:47 AM

Don't be fooled. It was bank borrowing that caused the debt crisis, not consumer borrowing. [View all]

The financial sector, having burned down the economy, tried to plant the box of used matches in the hands of the public. Ordinary Britons were fingered as a major cause of the crisis due to accepting a rush of cheap credit they couldn't afford.

They glossed over the fact that the banks and building societies were the pushers of the cheap credit. And they also omitted to point out that actually it was overwhelmingly the banks - not the consumers nor the non-financial businesses - that went on a borrowing frenzy.

Why did the banks borrow so much? "Casino banking" is intended to be derogatory, but bankers probably don't realise they are supposed to feel insulted - as it couldn't be closer to the truth. Idiot sons for hundreds of years have been gambling away their family fortunes - relying on indulgent parents to bail them out. Cunning bankers have been gambling the nations money in the same way - knowing that indulgent politicians would bail them out using the taxpayer's money.



MORE good info:
http://www.blog.rippedoffbritons.com/2012/03/who-was-irrational-borrower-that.html

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Reply Don't be fooled. It was bank borrowing that caused the debt crisis, not consumer borrowing. [View all]
kpete May 2013 OP
The Magistrate May 2013 #1
KG May 2013 #2
Whiskeytide May 2013 #5
Segami May 2013 #3
AnotherMcIntosh May 2013 #4
Egalitarian Thug May 2013 #6
cojoel May 2013 #7