#4 To be fair, they're facing some hellish problems, namely that banks' and households' balance sheets had to restored to solvency again before the economy can begin to grow. The predictable result is that we are enduring an extended economic time-out in which banks aren't lending and consumers aren't spending.
But the failure to anticipate this obvious and predictable situation, and craft economically appropriate policies to deal with it successfully, falls on Barry's doorstep.
His failure was no surprise, given that this vain and shallow little man has never managed a budgetary cycle or negotiated credit terms in his life.
Can we please, please have a political class that has some basic experience of simple financial operations? |