Who is responsible for the recession?

Answer 1

Soft-touch regulation of the financial sector opened the gates for not only banking innovation, but for banking abuse of that soft-touch regulation. Leaving the door ajar in a sweet shop/toy shop where kids play will always encourage an immediate opportunism to take advantage of the situation. Kids without money will look enthusiastically as their mouths froth at the thought of achieving their aims - getting sweets and toys. However, some kids will go further than this - recognising that a shop keeper is not present and therefore they are in control - they have the power - they will take the prize. No different to what bankers did.

Bankers were given the opportunity to take control. In the process, their Power and arrogance grew - making them influencial and ultimately untouchable. This is exactly what we see now when we talk about FRAUD.

Many people still do not acknowledge the following: Banks balance sheets showed excessive lending for mortgages. Nothing wrong there when the markets are strong. However, the balance sheets also showed that lenders were not paying back these loans. But what did bankers do? Did they stop lending immediately? No! They continued to lend excessively. Furthermore, bankers continued to earn excessive renumerations for this continued lending - even though evidence showed that the loans were not going to be paid back. So, we have evidence and opportunity of FRAUDULENT behaviour by bankers that go straight to the TOP of banks. As well as FRAUD, we have BANKING ABUSE of the soft-weak-touch regulation of the then Chancellor, Gordon Brown. The ONLy thing that makes it an international problem is that ALL other governments and their Chancellors got it so badly wrong too. What is unforgiveable is that Gordon Brown did not call for a police invsetigation into alledged Fraudulent activities by Bankers. I find this a failing by government and another reason that extdns the devide between REAL people/folk and policians. If it were you or I who had carried out the actions of Senior bankers, we would be before the Courts facing criminal negligence based on Fraud. So, why not these Senior Bankers? Are they so untouchable because of the excessive wealth they created for themselves and for others? Why have we seen some bankers face trial in the US, but not the UK?

During this banking abuse and Fraud, we saw the most vulnerable folk in society, for the first time, being given the opportunity of a life time to climb the ladder - imporve their social mobility. Bad judgement? Probably. However, it was the failing of those most POWERFUL and CONTROLLING who was placed with the highest of responsibilities to act responsible. They FAILED in that DUTY! The vulnerable have been made more vulnerable now - losing homes and dignity. However, those responsible for FRAUD and Banking Abuse Negligence have been allowed to maintain their highly excessive lifestyles and their homes and cars. Something it wrong!

So, 'BONUSES' was not the cause of the of the recession. The media has wrongfully been excessive in its use of this word - using Fred Goodwin as the scapegoat. The issues go much wider and deeper than the informs. Let's not be naive!

It was the decision and actions by Senior bankers to continue lending at an excessive rate knowing that their balance sheets was highlighting a serious problem of excessive 'alarm bells ringing' non-repayments of loans. This raises serious questions - questions that should be ask in a Court of Law.

The UK Coalition government now wants us to believe that 'we're all in this together?' What an insult to the many who were vulnerable and disadvantaged before the recession who have been made more vulnerbale and disadvantaged as a result of the actions and influences by the irresponsible actions of Senior Bankers. Bankers who have been protected by Politicians and even the media.

What I want to know is "who is fighting for the ordinary hardworking folk whose social mobility has now been slaughtered as a result of the fraudulent actions of the Powerful and Controlling Senior bankers and the weakness of Politicians?"