Point 3
Agree totally.

Boom year? Boom created by 1 in 4 people paying for utility bills on credit cards. Boom for the banks and no-one else. The only reason the country had *growth* is because it was being boyed by credit - hence the cretinous state we're in now.

As to Brown's "No-one could have seen this coming..." bollocks, utter tosh. I saw it bloody coming and sold my house and many other things at exactly the right time. How did I see it and he didn't? Easy, things like this go in cycles (gold prices for one thing), I simply created a graph showing house prices against inflation and interest rates since the end of WWII and you could see clearly where it was heading. Add into the mix, the fact that at that time 1 in 4 people were paying household bills on credit cards (according to Which!), and you have a very serious recipe for disaster.

So, I believe your point 3 is spot on. The 'boom years' were nothing but a statistical illusion, an illusion that we are paying for now.

There's little difference between that and the shafting that Thatcher gave us in the 80's; and yet, the parties involved are supposed to be poles apart.
(dchurch bah, Mon 8 Feb 2010, 9:51, Reply)