"There must be a challenge put to investors that they failed to query the irrational exuberance that we now see as characterising the age of irresponsibility. Now there's a danger of 'reckless caution', and I don't see evidence they are much concerned about that either. If banks now lack the self-confidence to extend credit, this is going to cause further damage in the portfolios of our institutional investors."
Time for a re-emergence of mutuals - or it would be, if the chips weren't so loaded against them.
Time for Labour to do something on this front, perhaps?