via The Adam Smith Institute Blog on 9 October
Here's an excellent piece by Thomas J DiLorenzo on who really got us into the credit mess – American politicians and regulators.
Hazel's comment:
If you lend money to someone who can't repay it you're in trouble, but not big trouble because it's only one someone and you sort of expected that there might be a problem so you ensured that you could afford to lose the money.
If you're a bank and you are told to lend money to lots of someones that you suspect may have difficulty in repaying the money you lend them then you're in the shit!
And so are the rest of us because the misery got spread around because of global banking.
And it is still happening in a small way. Buy now, pay later screams the advert. No credit checks made!
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