The reason so many people are in so much of a mess is because they spent money they didn't have.

Financial speculators bet on hypotheticals and banks dished out money they had borrowed to members of the public who could not pay it off when interest rates increased.

The end result is that the housing market is in crisis, no-one can sell, and very few young people can afford to buy.
This bubble of debt has been waiting to burst for many years, and now it has – I fear we are in for a very rocky ride.

All of it, however, could have been avoided.
If only the financial institutions, banks, businesses and the public had lived according to their means.

Far too often people buy now and pay later with little thought as to consequences.
It's very simple really: you can't have more going out that you have got coming in. Sadly, commonsense when it comes to money appears to have been spent a long time ago.

R. Williams
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