Basic Economics

And so it falls to really quite famous economist Alan Greenspan to point out the bleedin' obvious:

"The crisis will happen again but it will be different"

Of course it will happen again! It is part of the economic cycle that there are booms, and then there are busts. It shows just how pervasive that endless nonsense from people like our own Prime Minister about the end to boom and bust has become if someone like Greenspan needs to remind us of the basics of the economic cycle.

There will be an upturn, and then there will be another recession and so on. What people - from the very highest echelons of government down to someone sat in their front room - need to realise is that these things are natural and will go on happening. Their impact can be lessened by people preparing themselves for the natural turn of the economic cycle.

Or to put it another away, borrowing until you are unable to move from debt will always be a dumb idea.