I\’m also losing patience with countless attempts to create some sort of moral equivalence between bank bosses who were paid a lot of money to run their institutions professionally, and consumers who suddenly found themselves with more debt than they could handle.
It is one thing to chastise style-obsessed shopaholics who run up massive credit card bills by living beyond their means. But pouring scorn on people who, struggling to climb on the housing ladder, jumped at the offer of 100 per cent mortgages peddled by the banks, seems grossly unfair. Gearing up to buy a thin-walled, two-bedroom flat a stone\’s throw from the North Circular looks more like desperation than greed to me.
In these madness of crowds, these popular delusions, moments, no, those who speculate are not innocents. Sorry, they just ain\’t.
For of course if they hadn\’t been there then there wouldn\’t have been the bubble.