Emily Barran has written an excellent feature on how capitalism is being blamed for the economic crunch in the October 24th edition of LS2.
While it’s easy to blame banking executives, she rightly points out people aren’t pointing the fingers at themselves after taking out 100% mortgages that realisticlly, they could never really afford. I was listening to a woman who is now a single parent complaining the bank was repossessing her house. Of course they are. Indeed, as a shakeholder in Nothern Rock now it has been nationalised I insist they do repossess your house to get their money back. You can’t afford your house, move to a cheaper one, they are desperate to sell them at the moment.
And what exactly is the result of the credit crunch anyway? Having discussed it on my podcast, neither myself nor Gijsbert said we had changed our lifestyle because of it. How has it really affected your life? Probably not that much. A capitalism economy fluctuates, that doesn’t given you an excuse to take out a massive loan then complain when you can’t make the payments. That just makes you an idiot.
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Tags: capitalism, credit crunch, recession
This entry was posted on Saturday, October 25th, 2008 at 8:46 pm and is filed under Religion & Politics, Thoughts. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.