Friday, May 4, 2012
But we all have to pay for it except the banks
â€œPeople say to me, 'it was the banksâ€™. I say, 'hang on, the banks had to lend to someoneâ€™,â€ he said. â€œPeople feel in a sense that someone else is responsible for the decisions they made. Of course, if banks donâ€™t offer credit, people canâ€™t take it. [But] there were two consenting adults in all these transactions, a borrower and a lender, and they may both have made wrong calls. Some people are unwilling to accept responsibility for the consequences of their own choices.â€ ... Mr Hammond was a successful businessman before entering politics, amassing a multi-million-pound fortune from interests including property development. But he insisted it was right to highlight the role played by household borrowing, including mortgages.