PRACTICAL POLITICS April 2008 Issue No. 164

DENIAL, BELITTLEMENT, BEWILDERMENT, PAIN

In our Issue No. 159, in July 2002, we forecast the next slump would arrive
in around seven years' time. When the early signs were noted last year, they
were widely overlooked or seen as little local difficulties. Next came
awareness that matters were indeed going awry, but it was all confined
comfortably to sub-prime housing mortgages and a few banks, mostly in the
U.S.A. Then it became obvious that it was spreading