Man Made Global Warming

[kendo65]

A comment on people's behaviour in the recent property bubble. There's been some talk of 'deadbeats' and people irresponsibly taking out mortgages that they could never afford.

I think we have short memories. I can talk best about the situation in UK and Ireland just a few years ago. When property prices were continually going up there was all kinds of talk (including from 'experts' who should have known better) about property continuing to rise inexorably upwards essentially forever (ludicrous as it now seems I heard a lot of such talk then - complete with spurious but seemingly 'logical' reasons why). That was the general mood of the time and I recall something akin to panic setting in as people saw their chance of home ownership recede.

As prices continued to rise there was a feeling that if they didn't act now to 'get on the ladder' they would lose any chance of ever owning a home. I'm sure that fear led to many risky gambles where a feeling of desperation over-rode caution and common sense.

That attitude went hand in hand with the over-zealous behaviour of banks and mortgage lenders to fuel and sustain the whole boom.