yggdrasil, we would not have been so badly affected by the 2008 disaster, had Gordon Brown read(or had brought to his attention) the warnings that were in the financial and business media about run away unsustainable lending and the economy, especially the housing market, overheating from before 2000 onwards.
The reason Mark Carney was appointed Governor of the Bank of England was because he had held the same position in Canada during the 2008 crisis and Canada had weathered the crisis very well - and they are virtually joined at the hip to the US economy.
Remember the first domino to fall in Britain was Northern Rock, a building society that had been offering borrowers 125% mortgages, that is the whole value of a house plus a quarter more.
To show my impartiality, I would add there have been warnings from several sources in the last two weeks that the amount of private lending, with or without including mortgages is again rising to dangerous levels. It will be intersting to see what BJ does and who he blames it on when the economy is again brought to its knees by excessive poor quality debt.
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