3 examples of products that arose out of a deregulated lending sector that was allowed to self regulate, with the post 1979 political ideological support of a ‘free market neoliberal doctrine’ allowing a light touch regulation regime within the sector.
Spoiler alert, it didn’t turn out well
Three examples that I personally and many millions of citizens had to navigate (1988-2009), through mazes of poor legislation, based on neoliberal ideologies of individualism and therefore individual responsibility.
“Which is a handy smokescreen for those businesses who want to shift risk from one party (the lender) to another (the borrower) whilst isolating the borrower as an independent individual versus the banking system”.
“There is only one winner in this loaded game”.
I’m glad to say this eventually unravelled, but with huge losses to the borrowers and to the once trusted reputations of various banks and building societies, here are just three of many heavily marketed products from the 1988-2008 that were sold to the unsuspecting public. The Mutual Building Society mortgage model of pre Big Bang (1988) no longer existed and the public had yet to catch up with this fact, so the driven lenders (who needed to show ever increasing profits for their shareholders) had to find other and additional ways of extracting money from future borrowers, knowing that only a few people actually understood the true value of the products namely, the inventors
In the following three pages are just 3 of the most prominent and now all banned examples of these products