Absolute Spain Forum - View Single Post - Unemployment a social time bomb for Spain

country boy · 01-01-2009, 19:52

I have no doubt that 2009 is going to be an interesting year globally, not just in Spain. I really do feel however that, taking the long term view, only good will come of it.
Life has become just too easy for everybody and the bubble had to burst.When the dust has settled, perhaps normality will return to the financial sector, upon whose shoulders this present crisis must surely lie. It was their lending, mainly in the sub-prime market, to people who would by historical criteria, be totally un-creditworthy, that has led to this crescendo of calamity. Whatever hapened to the 2&1/2 times your income rule for maximum lending on morgages? As for third world debt....well...

01-01-2009, 19:52	#2 (permalink)
country boy country boy is waiting to join in! Spain Expert Join Date: Oct 2008 Location: Pizarra, Prov.de Malaga. Age: 66 Posts: 317 Thanks: 18 Thanked 43 Times in 39 Posts Rep Power: 27	I have no doubt that 2009 is going to be an interesting year globally, not just in Spain. I really do feel however that, taking the long term view, only good will come of it. Life has become just too easy for everybody and the bubble had to burst.When the dust has settled, perhaps normality will return to the financial sector, upon whose shoulders this present crisis must surely lie. It was their lending, mainly in the sub-prime market, to people who would by historical criteria, be totally un-creditworthy, that has led to this crescendo of calamity. Whatever hapened to the 2&1/2 times your income rule for maximum lending on morgages? As for third world debt....well...