Quote:
Originally Posted by Alan Fry
You cannot deny that thing were made much worse by the fact the rich and major businesses let money to those types of people and then did risky financial trades with them. The economic system set up by the rich made things worse as well
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It is the lenders fault? Where is the individuals responsibility in your world? The borrower should make sure that s/he can repay what they borrow. It is sad that there are way too many people in society that think like you and simply try to pass the buck and are unwilling to take responsibility for their own actions.
The reality of the situation is this. Small businesses rely on a certain amount of credit to fund working capital requirements. This funding allows them to operate and hence employ people. This funding was withdrawn post credit crunch because people had borrowed what they could not afford, defaulted and therefore taken money away from the banks leaving the banks in a position to not to be able to lend to credit worthy people. This is in fact a major contributor to today's unemployment levels.