You, Me and Everyone Else

It's been an interesting few weeks, what with the Credit Crunch really starting to bite.

My grasp of economic theory was never the best while I was doing my business degree (I got a BA Hons in Business Communication) so I don't know whether the government's announcement that it is to go ahead with a large number of public works will see an end to monetarists economics and a return to Keynesian economics or not. So I'm only going to make observational comments.

As I don't work in the banking industry, have large savings or own a house it hasn't as yet directly affected me.

And as the housing boom that preceded the crunch meant that I, a single potential housing buyer, was pushed out of the market I should be sitting her smugly enjoying the fruits of every one's greed.

But despite the fact that I think on a very basic level greed did precipitate some of the problems I don't think thew investment bankers or the property developers who helped super inflate the housing market are anymore to blame than the rest of us.

I think we are all guilty of thinking that we could have everything now and we are entitled to everything getting better.

Over the past 15 years I've gone from being someone who saved and waited to buy things to someone who ran up moderate credit card debts and I think I'm fairly sensible with my money.

The fact is we are all responsible for the greed that has driven the recent economic bubble. Greed that blinded us all to historical facts about capitalism - all booms turn to bust and markets left completely unbridled favour the few rather than the many.

Now we have to face up to our responsibilities, however hard that is, and rather than play the blame game accept the forthcoming hardship and try and help to put it right - the bankers, governments and us.