blame game

[Doggy Styles]

Most people are financially rational, and adapt to the prevailing circumstances. Witness the way people have switched from spending the spare equity in their properties, to paying it down.

But they need guidance, and a little encouragement to be responsible, and in that, bankers, insurers, central bankers, government ministers and regulators have failed miserably.

I remember when we had a savings culture in this country. PEPs, TESSAs and Private Pensions were all seen as a Good Thing.

I remember many conversations with several different people, including those not that well-off, about shopping around for the best savings rates.

That all changed in the late nineties. Since then people only seem to discuss the best borrowing rates.

How did the culture change?

[expat]

Choice turn of phrase in the Motley Fool:

We’re the ones who have been lumbered with unlimited liabilities by our profligate bankers and inept politicians, so don’t try and dump the blame on us as well.