4.30.2009

We must be gullible to keep listening to these scares

We do provide a receptive climate for the bacillus of looming disaster.

Five years ago, I was wondering how our Indian summer of prosperity would end. We had been basking in the long Edwardian glow of low prices, cheap labour, domestic servants, prosperity and growth. It didn't actually occur to any of us at the time that a credit crunch would do the trick; a collapse of confidence in our debt-repaying abilities. That was beyond imagining. No, it was going to be something more obvious.

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