Who's not to blame for the financial crisis?

baileysbattlebus

We've had "blame" threads - how about a "no blame" thread.

I had a quick google on those not to blame for the financial crisis and in no particular order came across:

"Tax Havens not to blame"

Bill Clinton "don't blame me"

"Liberalism is not to blame"

"Free Market not to blame"

Cameron "US not to blame"

"Deregulation not to blame"

"Financial Advisors not to blame"

"Enterprise Risk Management not to blame"

"Fair Accounting not to blame"

"Private Sector not to blame"

"China not to blame"

"Bush says don't blame me - financial crisis an act of God"

"Media not to blame"

Hedge Fund Managers "we're not to blame"

"Short Sellers not to blame"

Obama wrong "Wall Street not to blame"

Auditors "not to blame"

"Mark to Markets not to blame"

Opec says "oil price not to blame"

"Chinese savers not to blame"

Greenspan "I am not to blame for financial crisis"

"Greed not to blame for the economic crisis"

Banks say they're "not to blame"

"Capitalism is not to blame"

"JM Keynes not to blame"

That only leaves Gordon Brown - Oops, I said this was a "not to blame" thread!

dealsearcher

I would venture to suggest some of them are not telling the truth.

ad9898_3

It's difficult to say who's not to blame, I think all groups of people, (the public, government, banks etc..)all are, the problem is, greed is part of human nature and always will be.

dealsearcher

There are people out there who did not take out car loans, but bought the car they could afford at the time. People that took out sensible mortgages they could afford to repay despite estate agents and mortgage brokers trying to persuade them otherwise. Businesses that are now suffering because of the banks new lending policies despite having had a good business model for many years previously.

I and many others in that position are not happy at being tarred with the same brush. We would like a different brush, one for the sensible people.

baileysbattlebus

dealsearcher wrote: »

I would venture to suggest some of them are not telling the truth.

I would venture to agree.

The post was a bit of fun for a Sunday morning insomniac

Davesnave

dealsearcher wrote: »

.
I and many others in that position are not happy at being tarred with the same brush. We would like a different brush, one for the sensible people.

The brush they've given the sensible people is for sweeping up the mess that the others made.

lynzpower

You missed out Robert Peston- hes definately not to blame

tru

dealsearcher wrote: »

There are people out there who did not take out car loans, but bought the car they could afford at the time. People that took out sensible mortgages they could afford to repay despite estate agents and mortgage brokers trying to persuade them otherwise. Businesses that are now suffering because of the banks new lending policies despite having had a good business model for many years previously.

I and many others in that position are not happy at being tarred with the same brush. We would like a different brush, one for the sensible people.

:T

On paper, according to the 'experts' we could afford a mortgage for £72000 (this was in 1997). We knew we could only afford £48000. If we gone for our first choice house, we'd have ended up losing it.

We went without a car for a while, then bought a scruffy heap for £200.

I have a very very small business which has grown enough for me to need a certain machine. I can't quite afford it yet so I'm still doing everything by hand.

It all comes down to greed and keeping up with the jones's. Well, the jones's and keeper-uppers are struggling now and we're well on our way to our dream life (living it already really, just on a smaller scale for now).

I would like to be [strike]tarred[/strike] painted prettily with the same brush as you please

1echidna

I'm retired and have never borrowed money apart from a mortgage years ago, now paid off. I am fortunate not to have an acquisitive nature and don't aspire particularly to the spending power of those better off than me. I am not one who has cut back spending due to the recession, indeed I am spending quite a lot at the moment having work done to the house. Not me gov, I'm not to blame.

Cleaver

tru wrote: »

I have a very very small business which has grown enough for me to need a certain machine. I can't quite afford it yet so I'm still doing everything by hand.

The sensible bit of me thinks that you might be in something like the textiles industry.

But is there any chance you are a trainee Jedi and you're saving for your first light sabre?

lynzpower

1echidna wrote: »

I'm retired and have never borrowed money apart from a mortgage years ago, now paid off. I am fortunate not to have an acquisitive nature and don't aspire particularly to the spending power of those better off than me. I am not one who has cut back spending due to the recession, indeed I am spending quite a lot at the moment having work done to the house. Not me gov, I'm not to blame.

Totally agree. Im not to blame as I paid my debts off and have savings towards a house deposit? So why are we being punished with low IRs?