The Archbishop of York has slammed the bankers for their 'greed' in causing the economic crisis.
But aren't they the unfair victims? Easy scapegoats because they are rich?
Aren't we all to blame?
First, we have noted on this blog at least, the demands of govermnments in encouraging and forcing banks to make loans to people who could not afford them.
That is how the sub-prime crisis developed in the US.
And wasn't such pressure, such regulations as the Community Reinvestment ACT, only a response to political pressure from 'the people.'
the very same people, who as customers wanted easier loans?
And that banks who did not lower their standards were missing out, losing business.
So the banks that lowered their borrowing standards only did so due to the competitive pressures of serving their customers.
Responsing to consumer demand hardly sounds like greed to me.
So, in a sense, aren't we all to blame?
September 1 in history
2 hours ago