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So Who Were Most To Blame The Bankers Or The Borrowers

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Personally I think the bankers were to blame. The borrowers (if they want to buy a house) will have to out bid everybody else so have little choice

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I voted for the sociopaths in charge.

But the unthinking masses are just as culpable.

Sheeple have the power to stop it now, they just need to sit on their hands until it all collapses, don`t know if enough are awake yet though? The sales volumes are way down, and FLS tapering/withdrawing will put another spanner in the lending works. Sheeple need to stop taking the bankers coin at interest for everything though, not just houses.

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Personally I think the bankers were to blame. The borrowers (if they want to buy a house) will have to out bid everybody else so have little choice

Mervyn King rightly pointed out that people will borrow 'whatever they are allowed to borrow.' Frankly it is vital that strict laws and rules apply to borrowing for land or property to avoid the speculation frenzy that has so damaged the British economy for so many generations. Look at the story from Exeter as we speak - an off plan buying frenzy for student apartments. The price of a home in the UK, particularly the south, is so far removed from most of the rest of EU, it is incredible it has not collapsed already. Only low interest rates and spectacularly stupid lending policies and 'help to buy' schemes are holding it up. It certainly has NO anchor in reality.

http://www.ebay.co.uk/itm/5-BEDROOM-TRADITIONAL-RENOVATED-DETACHED-STONE-COTTAGE-IN-BRITTANY-FRANCE-/141126376210?pt=UK_HG_Property_RL&hash=item20dbc99b12#ht_1490wt_1141

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Sheeple have the power to stop it now, they just need to sit on their hands until it all collapses, don`t know if enough are awake yet though? The sales volumes are way down, and FLS tapering/withdrawing will put another spanner in the lending works. Sheeple need to stop taking the bankers coin at interest for everything though, not just houses.

well not exactly, the sheeple need to be a little more discerning about where they buy their produce.

keep it local folks.

likewise with energy etc..

the gameplan of the opposition is to centralise and micro-manage everything, so what we need to do is the complete opposite.

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well not exactly, the sheeple need to be a little more discerning about where they buy their produce.

keep it local folks.

likewise with energy etc..

the gameplan of the opposition is to centralise and micro-manage everything, so what we need to do is the complete opposite.

I`m talking about borrowing money, not where people buy their produce. No need to BORROW to buy the produce, that`s the point.

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We do need a third option, I'm surprised you didn't propose Gordo's useless financial services regulators.

I blame it all on Gordon Brown

Remember him sneering at Vince Cable?

He knew exactly what he was doing, as an unreformed Marxist he thought he was hastening the arrival of the Crisis of Capitalism'

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The media bear a big responsibility'

indeed they do, but this is coordinated,and the media are but one cog in a larger machine

goebbels-style constant repetition of property-porn etc is most certainly part of the problem,but the more people are aware of it,and WHO has promoted such techniques in the past,

then all we need to do is publicly expose them.

hubris and the ability to operate clandestinely is essential for them.

rather than deny them the oxygen of publicity,I say we shine the spotlight on them so they can keep on with the propaganda,but people will look at them and laugh say...."yeah,we know how it works"...nice try but ain't happening.

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If someone claiming to be an expert in the art of assessing lending risk lent money to a perfect stranger without bothering to find out if they could afford to pay it back- you would probably say he was to blame if he lost his money.

And if someone approaches an expert in the art of assessing lending risk for a loan- and get's one- they are entitled to assume that taking that loan is not unduly risky. So they are less to blame for any resulting losses.

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If someone claiming to be an expert in the art of assessing lending risk lent money to a perfect stranger without bothering to find out if they could afford to pay it back- you would probably say he was to blame if he lost his money.

And if someone approaches an expert in the art of assessing lending risk for a loan- and get's one- they are entitled to assume that taking that loan is not unduly risky. So they are less to blame for any resulting losses.

Unfortunately, if you treat people like children they behave like children.

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I voted 'bankers' but only on the basis that it includes government.

In fact it is the fault of government. The Bank of England merely follow government policy. The banks only do what they have to do too under the monetary regime they are given.

But then in a democracy, politicians only do what they have to do to get voted in.

Oh sh*t it's the voters fault. And they're the borrowers. So I got it wrong.

+1.

In order:

voters->government->regulators->bankers->voters/borrowers

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If someone claiming to be an expert in the art of assessing lending risk lent money to a perfect stranger without bothering to find out if they could afford to pay it back- you would probably say he was to blame if he lost his money.

And if someone approaches an expert in the art of assessing lending risk for a loan- and get's one- they are entitled to assume that taking that loan is not unduly risky. So they are less to blame for any resulting losses.

Even when the borrower lies through their teeth about earnings.........

Everyone was swindling everyone else.

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If someone claiming to be an expert in the art of assessing lending risk lent money to a perfect stranger without bothering to find out if they could afford to pay it back- you would probably say he was to blame if he lost his money.

And if someone approaches an expert in the art of assessing lending risk for a loan- and get's one- they are entitled to assume that taking that loan is not unduly risky. So they are less to blame for any resulting losses.

Obviously there was an expertise asymmetry, not to mention a betrayal of trust.

And who had the greatest incentive to cheat? Bankers, naturally. If you're confident your fraudulent enterprises will be made whole at the taxpayer's expense then you need only to keep up the pretence of legality. In the light of subsequent, unending revelations re. Libor, PPI etc.the pretence of legality is clearly all that mattered.

Unlike every other professional body banking has no code of conduct to which all practitioners are bound and by which they may be dismissed. They're human rubbish, not to put too fine a point on it.

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4th option add in the media for whipping up the frenzy in the first place.

Create a situation where people think they are about to be priced out and they will sell their souls pretty much to get what they want.

Irresponsible lending. Check.

Irresponsible borrowing. Check

Media Frenzy. Check

Government Inactivity as to Educating people that they were being played. Check.

The heights the last boom reached would not have been possible without each of these key elements.

If you can accept all that and most here will, the next thing to consider if this was deliberate. If so you are into conspiracy territory.

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So Who Were Most To Blame The Bankers Or The Borrowers

Don't leave the government out of the equation.

The bankers and government roll into one - like Beavis and Butt-Head.

The media also played a big part but these days on housing/economic matters behave not much differently to a government department.

Edited by billybong

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Bankers, borrowers, politicians, estate agents and the media.

At the end of the day every single person that played a part in trying to profit in one way or another from others' human right of shelter.

If I buy every chicken in Tesco and stand outside trying to sell it at twice the price I'd be lynched pretty quickly. But it's OK for a family home.

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