So noted Shakespeare when he wrote Hamlet back in 1603. So why then 405 years later all the fuss and why the second credit collapse in 25 years?
Much press has been given to irresponsible lending, lax regulation and the role of central banks at home and abroad, yet little comment has focused on the activity of the vast and voting majority - the borrowers.
Sure there has been sniping at the fiscal capacities of US borrowers, summoning images of Billy-Bob and MaryLou building them self a cabin with stuff they got from Home Depot - with money they should never have been lent.
But it’s not all state-side is it? Yes, deregulation of mortgage lending by Mrs Thatcher got the ball rolling, but we’ve had that recession. One quick look at the affluent society around us and one can see that additional borrowing is seen as the only means to maintain image and identity. To quote Ozzy Osbourne this time: “The media sells it and you live the role.” This line not from Hamlet of course, but from the aptly titled Crazy Train.
So in spite of all the caveats [Your home is at risk...past performance....etc.] why the panic? We all knew the risks right? Why has no-one mentioned the reckless borrowing epidemic?
Smoking can kill you; obesity is bad, size 0 is dangerous, speed kills. Why does no-one mention that over extending borrowing for meaningless and transient purchases is a huge self-crime?
Greed isn’t good and pride comes before a fall.
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