Tell us something we didn't know!

Not much surprise here to most of us who saw this coming literally years ago. Those of you who visited my old blog will hopefully remember the time around me taking part in the BBC’s programme about Debt and the Elderly. The very point of that programme was show how it was all going to end in tears. The financial institutions were throwing credit willy-nilly at people who simply couldn’t afford it. Indeed, even by repaying back the amount of monies lent at a minimum rate, some folks were going to have to live to ages of 130+!

Then introducing the multiplier of the number of people who had such colossal debt and it was obvious that the lenders were in worse trouble than the borrowers. Even scarier was that all the ‘senior’ figures in the banking/credit industry that we spoke to were adamant that they were ‘responsible lenders’ and the fault lay with ‘irresponsible borrowing’. The plethora of companies offering debt relief should have been ringing alarm bells to those who could have started to do something in preparation for the coming meltdown. There must be scores of families who now face an uncertain future as they thank Vorderman, Tufnell et al for introducing them to simple, affordable loans with the tiny proviso of ‘your home is at risk if you don’t keep up with the repayments’.

Now, some 3 years on we are told that The Treasury committee, in its second report on the crisis, has said the crisis has been caused largely by the banks' own reckless behaviour.

No shit Sherlock!


nick