Multi-millionaire Philip Hammond descends from his ivory tower to lecture the proles on 'responsibility'. Nauseating blame-the-victim bollocks.http://www.telegraph.co.uk/finance/news ... -woes.html
Philip Hammond, the Defence Secretary, said that banks were not solely responsible for the financial crisis as “they had to lend to someone”.
The minister, who played a key role in drawing up David Cameron’s economic strategy in opposition, also claimed that people who took out loans were “consenting adults” who, in some cases, were now be seeking to blame others for their actions.
“People say to me, 'it was the banks’. I say, 'hang on, the banks had to lend to someone’,” he said. “People feel in a sense that someone else is responsible for the decisions they made. Of course, if banks don’t offer credit, people can’t take it. [But] there were two consenting adults in all these transactions, a borrower and a lender, and they may both have made wrong calls.
“Some people are unwilling to accept responsibility for the consequences of their own choices.”
What Hammond doesn't mention is that cheap credit kept the economy ticking over pre-2008 because wages for the majority have gone nowhere for decades. He also makes no mention of the effect of soaring property prices on indebtedness. Can't think why...
A key ally of Chancellor George Osborne, Oxford-educated Mr Hammond is tipped by many as a successor to him.
He has an estimated personal wealth of around £9million. His stake in property company Castlemead has been estimated to be worth up to £6million in shares and dividends.