Afternoon 
I’ve just read an interesting article in my Moneyweek magazine by Simon Nixon in which he writes about the complete lack of contrition by the financial elite for the current mess that is the banking system.
I’ve expressed my own views on this before including the lack of penalties imposed but having got one of my credit card statements this morning and found that I’d inadvertently gone over my credit limit, I immediately put some money in to bring it down to the limit I agreed to.
Even though my finances are akin to a car running on petrol fumes the point is, I paid it because repaying my debts is what I signed up for when I borrowed the money in the first place.
I therefore began to wonder why the likes of you and I, who borrow with no intention to defraud or manipulate, bother trying to repay the few thousand we owe in comparision when there is no punishments for these bankers?
In addition, in the US, people can simply walk away from repaying the mortgage they can no longer afford because the lending institutions don’t pursue them to repay, unlike over here.
The financial industry knowingly operated with so much smoke and mirrors that the ‘complicated financial packages’ they kept on selling turned out to be little more than cleverly wrapped gift boxes moving around in a game of pass the parcel with no one knowing when the music would stop.
If you or I had tried to run a business in the same manner then we would probably have been done for fraud!
These bankers (substitue another word here if you wish) must have been incredibly confident, (or arrogant if you prefer) that their wheeling and dealing would never filter through to the wider markets but it has.
We didn’t cause the run on Norther Rock and we didn’t cause the collapse of Bear Stearns so, based on the billions of pounds that has been written off so far, what difference will paying off my few thousand make although you can bet your bottom dollar that we will not be let off the hook so readily.
Write down our debts too I say!!
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