Who is really responsible?

[mark80]

People are complaining that they did not cause the problem so why should they have to pay for it. But in reality many of them have large mortgages and are, as far as I am concerned, one of the reasons why we are in this situation. Are people who are heavily in debt really so innocent? I dont buy the idea that they were conned into it or whatever. I think it is unfortunate that many people who have acted prudently and have no connection with the banks will also have to also bail them out. But people dislike any kind of personal responsibility, instead prefering to place the blame on "fat cats" or the bankers.

[Factorem]

I'm not responsible. And I'm not paying. And I'll fix my books if I have to without any effect on my moral conscience.

[Hazlitt]

Agreed. Every transaction has 2 sides. Some people borrowed irrisponsibly and banks loaned out irrisponsibly.

At the same time, central banks with their artificially low interest rates made it highly attractive for people to borrow instead of save, mixed with bad policy such as the fractional reserve system which artificially increases the money supply and funds to be loaned out was what allowed the large clusters of malinvestments and the construction bubble to arise.

Was a disaster waiting to happen, and will again.

[flavirostris]

according to Dermot Ahern "no one is responsible, it just happened".
There, You have your answer

[GerMan]

Agreed. Every transaction has 2 sides. Some people borrowed irrisponsibly and banks loaned out irrisponsibly.

At the same time, central banks with their artificially low interest rates made it highly attractive for people to borrow instead of save, mixed with bad policy such as the fractional reserve system which artificially increases the money supply and funds to be loaned out was what allowed the large clusters of malinvestments and the construction bubble to arise.

Was a disaster waiting to happen, and will again.

Agreed. I can't see fractional reserve banking going anywhere any time soon. Swings and roundabouts.

[FakeViking]

according to Dermot Ahern "no one is responsible, it just happened".
There, You have your answer

He was just trying to prove how suitable he is for the soon-to-be vacant job at the head of FF. Another one of his 'manifestations'.

[Factorem]

according to Dermot Ahern "no one is responsible, it just happened".
There, You have your answer

Brilliant!

[Pauli]

according to Dermot Ahern "no one is responsible, it just happened".
There, You have your answer

A man with an agenda, methinks.

[TradCat]

If you borrowed recklessly then you are responsible for your own situation. But the government are responsible for making foolish ongoing spending commitments based on windfall tax revenues.

[imokyrok]

Listen guys - I've been gobsmacked at the level of mortgages young people have been taking on but what other option did they have. I recall a young married man 10 years ago saying he was going to wait a while because surely the bubble would burst next year. It didn't. Prices kept getting higher and higher. So did rents - money going to pay landlords mortgages. Who wants to do that forever and have to put up with tatty furnishings and dismal wallpaper and the knowledge you could be on the street at a whim.

It's not like we have the social housing system they have in the UK where everyone seems to be able to get a council house if they want one. Its not like we have renters rights like they have in other European countries. The system here was set up so that only bankers and developers won. The punter had little or no choice but to go along or live in their parents house or their car - not a very pleasant option for an Irish winter.