Credit crunch UK

Gordon Brown has a mighty nerve to lecture about responsibility and prudence - this from the man who has wrecklessly indebted our country with tax, spend and waste. The man who told us it was the aim of boom and bust. The man who preened himself basking in the warm credit of the economic boom, now hides away as an economic chill sets in. Nothing to do with him of ocurse, it all global (keep repeating that word until people believe it) and international factors, you see.
Of course the men (and it is nearly all men) who've gambled these banks into the dust should rightly be condemned, but more importantly held to account for what they did and why they did. We need to know how and why it happened.
Perhaps the msot critical thing of all is to ensure that no one, absolutely no one, get rewarded for failures on this scale. I am all in favour of people taking risks and being rewarded for success, but being baled out for failing sets a horrible precedent. With rewards must come responsibility and accountability.
Why, for example, is the former head of Northern Rock, able to enjoy a nice affluent retirement? Could it possibly have anything to do with Labour wanting to look after its loyal voters (the only ones left?) in the North East? Ditto saving all the jobs in Edinburgh with Bank of Scotland - and you wonder why Gordon Brown is still so disliked in Scotland.
Greed - the culture of spend, spend, spend and pay later...or get someone else to pay later - be it governments or as consumers, this has been the accepted norm. People choosing to buy things they would not normally be able to afford, by stacking them onto their credit cards.
The culture of obsessing about property (witness the proliferation of programmes on TV and screaming newspaper headlines) and the marvel of never-ending house prices (not so marvellous now) have played a major part in all of this.
Young people were told they must own a house even before they'd properly started a life. It doesnt work that way in most other countries.

The entire culture of 'must-have' items of status, which extends to houses, cars, clothes, plastic surgery - has been fundamental to our new religion....shopping.
Dont worry about paying for that 'must-have' item, just slap it on your credit card, its almsot like money you dont have. It sounds good that doesnt it, being able to buy things you want (and never really needed, but thats not the point is it?) without really having to pay for them. Well thats what is happening now. Collectively, we are all (as taxpayers) going have to pay the price and with eye-wateringly high interest to boot.