What was the cause of the monumental banking crash in 2008? The American government gave its citizens the civil right to a mortgage, even if they couldn’t afford to service it, and set up two giant mortgage companies to hand out the cash. Then spivs put some shiny packaging around the toxic loans and flogged them off to thrusting bank executives who had no idea what they were buying. So when the “mortgages for all scheme” hit the buffers, the wheels came off the world’s banking system. And it’s happening all over again.
Have you seen that Halifax TV advert, in which Top Cat gets a mortgage because it’s “no problem”? How is an alley cat going to repay a loan like that? Who else with no hope of repaying the loan is getting one from the Halifax? It’s all happening all over again.
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