Wednesday, October 08, 2008

Stop blaming the Americans

The political formula here in the UK is "We'll do anything that's necessary" and "the sub-prime problem started in the USA." Misleading nonsense.

The Americans may have sold packaged mortgages, but our institutions here didn't have to buy stuff they didn't have the competence to analyze.

And we didn't have to have 6x earnings, LTV100%+, self-certification or a rush into buy-to-let.

This disaster is home-grown.

4 comments:

TBRRob said...

Quite -- we only have our selves to blame.

Nick Drew said...

someone has to nail Brown on this, he's getting away with murder right under our noses

repetition tends to work & the Beeb pretty much laps it up

he even brazened it out in qns today - in response to 'who was in charge over the past 11 years ?' he replied 'everyone knows we had 10 years of paradise on earth' - & no-one laughed

dearieme said...

Last weekend's FT had a big article on BTL mortgage fraud in London. It may have involved lots of furriners, but they weren't Yanks.

Sackerson said...

Nick - I hadn't heard that claim, incredible he had the nerve to say it. TBRRob: joining the necktie party?