Friday 2 December 2016

We're not all to blame for crash, Mr Nyberg

Published 21/04/2011 | 08:03

IF, in appportioning responsibility for the crisis, Peter Nyberg is saying a number of people, many of them already well-off, went from barbarism to decadence with no intervening period of civilisation, then that is undeniable.

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But if he is suggesting some kind of collective guilt, then he is wrong. A great many people bought vastly overpriced houses because they were terrified that if they didn't they would never own a house of their own.

The responsibility rests with the leadership of this country, because the crash was completely predictable. It had happened before, in almost exactly the same way, and is described lucidly by JK Galbraith in his book 'The Great Crash'. A European from a country with strong fascist associations should understand where an ignorant leadership can lead a credulous population.

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