Re: Re: Rajoy embroiled in new corruption allegations.


@GarySFBCN wrote:

There are problems in Spain, including problems with the government. But you are ridiculously simplistic in blaming the government for the bubble.

I agree to a certain extent. Greed stupidity and incompetence across the board caused this depression for that’s what we are in. Greed among investment bankers in the US and Europe. Greed among directors of European banks, British, French, German and Spanish. Greed and corruption among Spanish regional governments who were/are in bed with developers and bankers. Greed among developers who had in turn access to virtual free money.

Stupidity by international banks for lending money to anyone who asked. Incompetence by politicians and central bankers for allowing the bubble to continue for years and in Spain not reforming and enforcing their laws on property.

The reason politicians and central bankers particularly in Europe did not act to reign back the bubble was because the inflow of tax receipts and higher employment was too great a temptation. They collectively and tacitly sat on their hands and wanted to take political credit for the good times.

No politician ever wants to end the party either historically or those in the future.