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Originally Posted by Hitman
Hmmmm nobody else here thinks that the high oil prices were one of the most important reasons for the crisis detonation? :hmm:
148$ oil means brutal inflation, which in turn means high interest rates, which in turn means many people can't pay the 45 years variable interest rate mortgage they stupidly signed, which in turn means.....BOOOOMM, a torpedo under the waterline of many banks.
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...and a lesson about not encouraging people to take out high risk loans that obviously will become problematic to make the repayments on one day....not learnt/heeded by the greedy, profit driven banking sector.