The 2008 crash was entirely predictable Northern Rock were giving 125% mortgages and Independent Financial Advisors were certifying mortgages for those that couldn’t afford them, just to get the commission. RBS were taking shares in developments without collateral.
The FSA were there to ensure stability but they sat on their fat backsides enjoying expense account lunches and watched it happen, the BoE were not blameless either.
The US was even worse but we did not have to follow suit, most other nations did not.
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