The People's Fault or The bank's?

Sierra 117

Both. Banks gave out huge loans to people who couldn't possibly repay them. People took out loans they couldn't possibly repay.

old_aussie

eth0 wrote: »

only a typical self-loathing paddy would blame the people

From the poll results that looks like about 60%

jam_mac_jam

It was the regulator and states fault. The job of the bank is to make money, people are too stupid to understand basic economics so it is up to the state to save them from themselves in the form of regulation. The banks are not really at fault. Except Anglo, they went crazy.

44leto

The perfect economic disaster storm. It was a bit of Us the consumer, the politicians for not been brave enough to cool the economy, the banks for doing their job but with to much optimism, the banking regulator who sat at his desk each day and pulled his plum, the press for falling asleep on the wheel and also propagating the economic hype.

But really this wasn't the only place it happed, the real problem was savers, there was a world glut of them, mainly from the East, who flooded the market with cheap unending money.

Its not over yet, the world seems to be dipping back into recession and that will probably be Europes fault,,the bastards.

jam_mac_jam

galwayrush wrote: »

People being 'stupid' paying market values at the time for their houses...:rolleyes:

Exactly, when the maximum stupidity level was reached prices returned to a better level.

jam_mac_jam

eth0 wrote: »

only a typical self-loathing paddy would blame the people

Why? It happened in loads of other countries as well for the same reasons, why is it different in Ireland. If you say that the crash in the US was a result of the people does that mean you hate Americans. I think you have a little bit of chip on the shoulder there.

coolbeans

jam_mac_jam wrote: »

eth0 wrote: »

only a typical self-loathing paddy would blame the people

Why? It happened in loads of other countries as well for the same reasons, why is it different in Ireland. If you say that the crash in the US was a result of the people does that mean you hate Americans. I think you have a little bit of chip on the shoulder there.

...in addition to a serious victim complex.

Dudess

GarIT wrote: »

Who do you think is responsible for the crash? The banks that lent more money than could be repaid or the people that took more money than they could afford to pay back. I say the people, I've had enough of the blame the banks crap. The banks only took advantage of the greed of the general Irish public.

It's hardly just one or the other - there are a number of groups who hold responsibility. I always wonder too whether those who solely blame "the people" include themselves. I'm assuming not, even though they no doubt weren't complaining when times were good.

Jimoslimos

LilyCricket wrote: »

Greedy people who had big hats instead of a pair of knickers on

In that case, I blame "The Full Monty", whose message of fiscal responsibility (through the medium of stripping) was obviously wrong.

IM0

I see they cranked up the time machine again :rolleyes:

Wompa1

Dudess wrote: »

It's hardly just one or the other - there are a number of groups who hold responsibility. I always wonder too whether those who solely blame "the people" include themselves. I'm assuming not, even though they no doubt weren't complaining when times were good.

I blame the people more than the banks and do blame myself. I know people who took advantage of the system and in some cases committed fraud. As they say, all it takes for evil to win is for good people to do nothing.

I think there were plenty of people who weren't politicians themselves that knew of the corruption going on and did nothing because they were involved in some way. I think there's people working in certain jobs where they are aware of corruption and don't say or do anything and then there's of course the people who took huge loans and lived beyond their means. Everybody decided to ignore what was going on because they were happy in their own lives with the benefits and stuff coming their/our way.

Irishwolff

Enda first said it wasnt the peoples fault then when he went abroad he said the Irish people went borrowing mad!
I think it was partly the goverments fault because the banks were not regulated properly. Also the bankers made sure to give themselves good bonuses and generous pensions

Chuck Stone

Foreigners.

retalivity

The peoples elbow!

shangri la

Banks pay large bonuses based on short term performance.

Bankers lend to risky individuals to increase their bonus.

People in general are poor with financial planning and don't think about rising interest rates.

The government didn't regulate the bankers and collected a lot of stamp duty and income tax from the construction industry.

Why choose just one. Everyone fcuked up and I should be able to pick up a house at a reasonable price in 3 or 4 years!

Kissenger

I am no expert on the recession, but isnt a bit of both?

That on one hand the banks were giving out these loans to developers, high priced mortgages etc while the money didnt exist? (i'm talking about the whole 10% thing. that banks only had to come up with 10% to actually allow a loan. Even tho that 10% was usually paid by the person taking the loan thus giving out money that doesnt exist)


But on the other hand ... the people.
If there wasnt people who wanted loans. There wouldnt be loans.

im invisible

Chuck Stone wrote: »

Foreigners.

even when it was the bears banks, i knew it was the immigants

kylith

Where's the option for 'both are responsible'?

The banks lent too much money to people who should have known that they wouldn't be able to make the repayments.

billybudd

How is it the peoples fault that local councils granted planning permission for twice the amount of houses that are needed? The property market is a huge part of the problem we new face.

In saying that people lied to the banks and the banks where happy to be lied too=equal responsibility.

People who took on too much personal loans, car loans, cu loans, store cards, cc loans well they should take responsibilty also.

Ghost Buster

"The people' are not a single unit, some sort of collective with a hive mind. Other than living in the country we have little in common to earn us this "The People" title. I dont give a fiddlers if every single other person in the country acted like irresponsible twats (They didnt) as i am 100% certain that i did not.So dont lump me in with this make believe category.
The banks are though to a much greater degree a collective with a common policy who acted almost uniformly in a reckless manner.

Perhaps titling the thread "Some of the peoples fault or most of the banks" would be more accurate.