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  Barry
  a road to Damascus moment!!! "You see there are a number of sides to this equation". Fantastic, you are beginning to see the multi faceted nature of the world and how it operates - especially the world of economics.
  A good start but then you spoiled it with "It is simply wrong to blame all this on the changes to the credit culture in the 80's". Actually I didn't put all the blame on this. However I have a theory of my own that after about 15 years things become to be regarded as the norm as a new generation comes of age and this, to my mind, is what happened with the credit boom. Therefore the root of it can be traced back to the 80s. You are right there must be personal responsibility but when banks/building societies/credit card agencies etc are saying you can borrow umpteen times your salary; when you are being urged by the consumerist monster to acquire the latest gadget otherwise you are so out of touch with the fashion and when you are being told by the Daily Express that your house is now worth billions of pounds so you are in fact really rich, the temptation is almost irresistible. The fact that, to the new generation, it seems to have been going on for ever gives an illusion of safety that those in positions of power - politicians, bankers - abused.
  Not one man, then, but an economic system that loves profit at any cost and knows that with globalisation it is unlikely to be allowed to 'fail'.
  We need new governance and new policies. Unfortunately we are just getting the old standards as no-one wants to be seen as the one who stopped the party.

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