The greed of whom? No bank forced anyone to take credit or to buy a car they could not afford or to borrow money they did not want. The greed at play here is the greed of the CONSUMER. Banks do what banks do; indeed, our banks are nowhere near as reckless as those of overseas, maintaining as they do a debt/capital ratio of 10:1. Five large US investment banks were permitted by the federal reserve to move up to gearing of 30:1 and even more (these are organisations like Lehman Bros, Bear Stearns, JP Morgan chase...remember them? Consigned to history). So, don't go blaming the banks while you drive you fancy car that you can't afford to put petrol into, or go home to your swish neighbourhood where you can't afford to put food on the table which hasn't been paid for. If consumers are too foolish to see beyond the end of their noses, they have to shoulder the blame too. And if that means the bank coming to claim that which is the banks...well, it is within its rights... intern!! You're the only one here who seems to have a proper grasp of what the US banks did and the ability to differentiate with the SA banks. One thing though - JP Morgan Chase is the bank who came out of this whole mess the best. Lost less than 10% market cap! intern!! Responsibility rests with the individual. No is also an acceptable answer. Manage your own finances. Funny how many people bitch about debt and how few discuss the current investment opportunities? Baster Brak? Didn't figure you would be in financial problems, but remember, the NCA has debt councilors who can help you. Its only a phone call away!
