I think the reality is that we are being forced to bail out a wide spectrum of greed that began with specuvestors applying for loans that they had little chance ever of paying back.
Whenever there is what I like to call a ‘conflict of competence’ between two parties, I put the lion’s share of the blame on the more experienced of the two.
The onus of responsibility has always been with the bankers. It’s their job to rate the risk of person applying for the loan; not vice-versa.
If the inverse were true, how come we aren’t allowed to choose our own interest rates?
