Bite Size Advice. Paul J. Thomas

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      The good news is there’s plenty of blame to go around when it comes to the credit crisis. The responsibility for the mounting contagion does not reside with any particular group. No one can claim a monopoly on greed and stupidity. Therefore, many in the populace and media are demonizing everyone and anyone.

      Chief among the villains are the fat cat CEOs who pocketed huge pay packets while presiding over lax lending. Others blame US regulators for turning a blind eye to an unsustainable mortgage market. Not to be forgotten are the financial whiz-kids who invented the newfangled securities that turned toxic.

      But what about us? Do we need to temper our righteous indignation in the knowledge that, as a society, we have become credit junkies? In a recent blog post, I argued that we are living beyond our means. For many, unsustainable expenditure has become the drug of choice.