Responsible Credit Conference London 2008
Global banking in crisis! Now is the time for Responsible Credit.
Taxpayers all over the world are now footing the bill to rescue banks. Yet, it is households who are feeling the worst effects of the meltdown in the global financial system. Mortgage rates are rising after consumers have been encouraged to take on excessive housing debt, savings and pensions are threatened, and unemployment is rising. Irresponsible lending practices are the cause of this crisis. Excessive financial risk was passed down from banks to the public. Now the banks have lost faith in households to manage these, lost trust in each otherís ability to repay debts, and the supply of finance has frozen over.
The response to this crisis must involve immediate support for households, but it must also lay the ground for new rules to govern the future provision of credit. See http://www.responsible-credit.net/index.php?id=2688 for more.