[Osem]

It was clear to me years ago that Brown's boom was a house of cards but, of course, politicians rather like riding high on the crest of a wave and only tend to dwell briefly on life's little realities when they're out of office trying to get back in.

A great many people were to blame for what's happened but the people most culpable are those who either knew what was really going on and did nothing about it or were so inept they shouldn't have been in office. These people would include ministers, regulators, boardroom directors and traders. Of course Joe 'keep up with the Jones' Public played his part by all too often borrowing and spending on the back of house prices and easily available credit. Holidays, nice cars, meals out, fancy clothes, etc. etc. - all for doing little or nothing. Nice work if you can get it eh?