18/09/2013 Newsnight

Two

Two fragile

Two fragile to

Two fragile to turn

Two fragile to turn off

Two fragile to turn off the

Two fragile to turn off the tap,

Two fragile to turn off the tap, in

Two fragile to turn off the tap, in a

Two fragile to turn off the tap, in a surprise

Two fragile to turn off the tap, in a surprise move

Two fragile to turn off the tap, in a surprise move America

Two fragile to turn off the tap, in a surprise move America signals

Two fragile to turn off the tap, in a surprise move America signals it

a surprise move America signals it will

a surprise move America signals it will carry

a surprise move America signals it will carry on

a surprise move America signals it will carry on pumping

a surprise move America signals it will carry on pumping money

a surprise move America signals it will carry on pumping money into

will carry on pumping money into the

will carry on pumping money into the economy.

will carry on pumping money into the economy. Five

will carry on pumping money into the economy. Five years

will carry on pumping money into the economy. Five years to

will carry on pumping money into the economy. Five years to the

will carry on pumping money into the economy. Five years to the day

the economy. Five years to the day from

the economy. Five years to the day from the

the economy. Five years to the day from the banking

the economy. Five years to the day from the banking bail

the economy. Five years to the day from the banking bail out,

the economy. Five years to the day from the banking bail out, we

the economy. Five years to the day from the banking bail out, we ask

from the banking bail out, we ask key

from the banking bail out, we ask key voices

from the banking bail out, we ask key voices from

from the banking bail out, we ask key voices from finance

from the banking bail out, we ask key voices from finance and

key voices from finance and technology

key voices from finance and technology if

key voices from finance and technology if we

key voices from finance and technology if we have

key voices from finance and technology if we have recovered?

technology if we have recovered? More

technology if we have recovered? More households

technology if we have recovered? More households are

technology if we have recovered? More households are now

technology if we have recovered? More households are now unable

technology if we have recovered? More households are now unable to

More households are now unable to pay

More households are now unable to pay their

More households are now unable to pay their rent

More households are now unable to pay their rent as

More households are now unable to pay their rent as the

More households are now unable to pay their rent as the called

pay their rent as the called bedroom

pay their rent as the called bedroom tax

pay their rent as the called bedroom tax is

pay their rent as the called bedroom tax is that

pay their rent as the called bedroom tax is that to blame,

pay their rent as the called bedroom tax is that to blame, this

bedroom tax is that to blame, this programme

bedroom tax is that to blame, this programme has

bedroom tax is that to blame, this programme has seen

bedroom tax is that to blame, this programme has seen new

bedroom tax is that to blame, this programme has seen new figures.

programme has seen new figures. Violence

programme has seen new figures. Violence across

programme has seen new figures. Violence across Greece

programme has seen new figures. Violence across Greece as

programme has seen new figures. Violence across Greece as a

programme has seen new figures. Violence across Greece as a singer

Violence across Greece as a singer who

Violence across Greece as a singer who fought

Violence across Greece as a singer who fought fascism

Violence across Greece as a singer who fought fascism is

Violence across Greece as a singer who fought fascism is murdered

Violence across Greece as a singer who fought fascism is murdered by

who fought fascism is murdered by right-wing

who fought fascism is murdered by right-wing extremists.

who fought fascism is murdered by right-wing extremists. Will

who fought fascism is murdered by right-wing extremists. Will the

right-wing extremists. Will the Government

right-wing extremists. Will the Government now

right-wing extremists. Will the Government now move

right-wing extremists. Will the Government now move to

right-wing extremists. Will the Government now move to ban

right-wing extremists. Will the Government now move to ban the

Government now move to ban the golden

Government now move to ban the golden dawn

Government now move to ban the golden dawn party.

Government now move to ban the golden dawn party. Good

Government now move to ban the golden dawn party. Good evening,

golden dawn party. Good evening, five

golden dawn party. Good evening, five years

golden dawn party. Good evening, five years ago

golden dawn party. Good evening, five years ago today

golden dawn party. Good evening, five years ago today the

golden dawn party. Good evening, five years ago today the financial

five years ago today the financial system

five years ago today the financial system was

five years ago today the financial system was brought

five years ago today the financial system was brought to

five years ago today the financial system was brought to the

five years ago today the financial system was brought to the brink

five years ago today the financial system was brought to the brink of

system was brought to the brink of collapse.

system was brought to the brink of collapse. A

system was brought to the brink of collapse. A troubled

system was brought to the brink of collapse. A troubled Hank

system was brought to the brink of collapse. A troubled Hank Paulson

collapse. A troubled Hank Paulson snapped

collapse. A troubled Hank Paulson snapped emerging

collapse. A troubled Hank Paulson snapped emerging from

collapse. A troubled Hank Paulson snapped emerging from the

collapse. A troubled Hank Paulson snapped emerging from the White

snapped emerging from the White House,

snapped emerging from the White House, the

snapped emerging from the White House, the snap

snapped emerging from the White House, the snap signalled

snapped emerging from the White House, the snap signalled the

snapped emerging from the White House, the snap signalled the first

House, the snap signalled the first plan

House, the snap signalled the first plan from

House, the snap signalled the first plan from the

House, the snap signalled the first plan from the President

House, the snap signalled the first plan from the President for

House, the snap signalled the first plan from the President for saving

plan from the President for saving banks.

plan from the President for saving banks. Those

plan from the President for saving banks. Those panics

plan from the President for saving banks. Those panics may

plan from the President for saving banks. Those panics may be

banks. Those panics may be consigned

banks. Those panics may be consigned to

banks. Those panics may be consigned to history,

banks. Those panics may be consigned to history, but

banks. Those panics may be consigned to history, but in

banks. Those panics may be consigned to history, but in the

banks. Those panics may be consigned to history, but in the US

consigned to history, but in the US tonight

consigned to history, but in the US tonight alarm

consigned to history, but in the US tonight alarm bells

consigned to history, but in the US tonight alarm bells were ringing

consigned to history, but in the US tonight alarm bells were ringing as

tonight alarm bells were ringing as the

tonight alarm bells were ringing as the Fed

tonight alarm bells were ringing as the Fed cut

tonight alarm bells were ringing as the Fed cut forecasts

tonight alarm bells were ringing as the Fed cut forecasts for

tonight alarm bells were ringing as the Fed cut forecasts for growth.

the Fed cut forecasts for growth. Here

the Fed cut forecasts for growth. Here the

the Fed cut forecasts for growth. Here the Chancellor

the Fed cut forecasts for growth. Here the Chancellor trying

the Fed cut forecasts for growth. Here the Chancellor trying to

Here the Chancellor trying to reassure

Here the Chancellor trying to reassure the

Here the Chancellor trying to reassure the country

Here the Chancellor trying to reassure the country there

Here the Chancellor trying to reassure the country there is

Here the Chancellor trying to reassure the country there is no

reassure the country there is no housing

reassure the country there is no housing bubble.

reassure the country there is no housing bubble. What

reassure the country there is no housing bubble. What is

reassure the country there is no housing bubble. What is going

reassure the country there is no housing bubble. What is going on?

housing bubble. What is going on? We

housing bubble. What is going on? We have

housing bubble. What is going on? We have been

housing bubble. What is going on? We have been bombarded

housing bubble. What is going on? We have been bombarded by

housing bubble. What is going on? We have been bombarded by signals

We have been bombarded by signals that

We have been bombarded by signals that the

We have been bombarded by signals that the economic

We have been bombarded by signals that the economic crisis

We have been bombarded by signals that the economic crisis is

We have been bombarded by signals that the economic crisis is over.

that the economic crisis is over. The

that the economic crisis is over. The British

that the economic crisis is over. The British economy

that the economic crisis is over. The British economy is

that the economic crisis is over. The British economy is looking

The British economy is looking better.

The British economy is looking better. The

The British economy is looking better. The economy

The British economy is looking better. The economy is

The British economy is looking better. The economy is growing

The British economy is looking better. The economy is growing in

better. The economy is growing in all

better. The economy is growing in all sectors.

better. The economy is growing in all sectors. Tonight

better. The economy is growing in all sectors. Tonight from

better. The economy is growing in all sectors. Tonight from America

better. The economy is growing in all sectors. Tonight from America a

all sectors. Tonight from America a signal

all sectors. Tonight from America a signal that it

all sectors. Tonight from America a signal that it is

all sectors. Tonight from America a signal that it is not,

all sectors. Tonight from America a signal that it is not, yet.

all sectors. Tonight from America a signal that it is not, yet. The

signal that it is not, yet. The Federal

signal that it is not, yet. The Federal Reserve,

signal that it is not, yet. The Federal Reserve, America's

signal that it is not, yet. The Federal Reserve, America's Central

Federal Reserve, America's Central Bank

Federal Reserve, America's Central Bank pulled

Federal Reserve, America's Central Bank pulled back

Federal Reserve, America's Central Bank pulled back from

Federal Reserve, America's Central Bank pulled back from winding

Bank pulled back from winding doufpb

Bank pulled back from winding doufpb its

Bank pulled back from winding doufpb its policy

Bank pulled back from winding doufpb its policy for

Bank pulled back from winding doufpb its policy for printing

doufpb its policy for printing money

doufpb its policy for printing money to

doufpb its policy for printing money to keep

doufpb its policy for printing money to keep the

doufpb its policy for printing money to keep the US

doufpb its policy for printing money to keep the US economy

doufpb its policy for printing money to keep the US economy afloat.

money to keep the US economy afloat. The

money to keep the US economy afloat. The tightening

money to keep the US economy afloat. The tightening of

money to keep the US economy afloat. The tightening of financial

The tightening of financial conditions

The tightening of financial conditions observed

The tightening of financial conditions observed in

The tightening of financial conditions observed in recent

The tightening of financial months, if

The tightening of financial months, if sustained

The tightening of financial months, if sustained could

The tightening of financial months, if sustained could slow

The tightening of financial months, if sustained could slow the

months, if sustained could slow the pace

months, if sustained could slow the pace of

months, if sustained could slow the pace of improvement

months, if sustained could slow the pace of improvement in

months, if sustained could slow the pace of improvement in the

months, if sustained could slow the pace of improvement in the economy

pace of improvement in the economy and

pace of improvement in the economy and the

pace of improvement in the economy and the labour

pace of improvement in the economy and the labour market.

and the labour market. Federal fiscal

and the labour market. Federal fiscal policy

and the labour market. Federal fiscal policy is

and the labour market. Federal fiscal policy is an

and the labour market. Federal fiscal policy is an important

fiscal policy is an important restraint

fiscal policy is an important restraint on

fiscal policy is an important restraint on growth.

fiscal policy is an important restraint on growth. Because

fiscal policy is an important restraint on growth. Because the

fiscal policy is an important restraint on growth. Because the US

restraint on growth. Because the US Government

restraint on growth. Because the US Government has

restraint on growth. Because the US Government has to

restraint on growth. Because the US Government has to start

restraint on growth. Because the US Government has to start spending

Government has to start spending cuts,

Government has to start spending cuts, money

Government has to start spending cuts, money printing

Government has to start spending cuts, money printing has

Government has to start spending cuts, money printing has to

Government has to start spending cuts, money printing has to offset

cuts, money printing has to offset the

cuts, money printing has to offset the effect

cuts, money printing has to offset the effect of

cuts, money printing has to offset the effect of that

cuts, money printing has to offset the effect of that on

cuts, money printing has to offset the effect of that on growth.

cuts, money printing has to offset the effect of that on growth. It

cuts, money printing has to offset the effect of that on growth. It is

the effect of that on growth. It is five

the effect of that on growth. It is five years

the effect of that on growth. It is five years ago

the effect of that on growth. It is five years ago this

the effect of that on growth. It is five years ago this week

the effect of that on growth. It is five years ago this week I

the effect of that on growth. It is five years ago this week I stood

the effect of that on growth. It is five years ago this week I stood on

five years ago this week I stood on the

five years ago this week I stood on the streets

five years ago this week I stood on the streets of

five years ago this week I stood on the streets of New

five years ago this week I stood on the streets of New York

five years ago this week I stood on the streets of New York and

five years ago this week I stood on the streets of New York and watched

five years ago this week I stood on them fall,

five years ago this week I stood on them fall, first

five years ago this week I stood on them fall, first Lehman

five years ago this week I stood on them fall, first Lehman Brothers,

five years ago this week I stood on them fall, first Lehman Brothers, a

them fall, first Lehman Brothers, a then

them fall, first Lehman Brothers, a then AIG,

them fall, first Lehman Brothers, a then AIG, the

them fall, first Lehman Brothers, a then AIG, the world's

them fall, first Lehman Brothers, a then AIG, the world's biggest

then AIG, the world's biggest insurer,

then AIG, the world's biggest insurer, and

then AIG, the world's biggest insurer, and then

then AIG, the world's biggest insurer, and then the

then AIG, the world's biggest insurer, and then the certainties

insurer, and then the certainties at

insurer, and then the certainties at the

insurer, and then the certainties at the heart

insurer, and then the certainties at the heart of

insurer, and then the certainties at the heart of American

insurer, and then the certainties at the heart of American capitalism.

at the heart of American capitalism. Within

at the heart of American capitalism. Within a

at the heart of American capitalism. Within a month

at the heart of American capitalism. Within a month a

at the heart of American capitalism. Within a month a large

at the heart of American capitalism. Within a month a large part

at the heart of American capitalism. Within a month a large part of

at the heart of American capitalism. Within a month a large part of the

Within a month a large part of the western

Within a month a large part of the western world's

Within a month a large part of the western world's banking system

Within a month a large part of the western world's banking system had

western world's banking system had been

western world's banking system had been nationalised.

western world's banking system had been nationalised. And

western world's banking system had been nationalised. And when

western world's banking system had been nationalised. And when that

been nationalised. And when that didn't

been nationalised. And when that didn't work,

been nationalised. And when that didn't work, the

been nationalised. And when that didn't work, the money

been nationalised. And when that didn't work, the money printing

didn't work, the money printing began.

began. Five

began. Five years

began. Five years on

began. Five years on it

began. Five years on it is

began. Five years on it is clear

began. Five years on it is clear recovery

Five years on it is clear recovery is

Five years on it is clear recovery is not

Five years on it is clear recovery is not enough.

Five years on it is clear recovery is not enough. The

Five years on it is clear recovery is not enough. The very

Five years on it is clear recovery is not enough. The very shape

Five years on it is clear recovery is not enough. The very shape of

is not enough. The very shape of capitalism

is not enough. The very shape of capitalism has

is not enough. The very shape of capitalism has changed.

is not enough. The very shape of capitalism has changed. Those

is not enough. The very shape of capitalism has changed. Those banks

capitalism has changed. Those banks that

capitalism has changed. Those banks that survived

capitalism has changed. Those banks that survived are

capitalism has changed. Those banks that survived are effectively

capitalism has changed. Those banks underwritten by

capitalism has changed. Those banks underwritten by the

capitalism has changed. Those banks underwritten by the state,

capitalism has changed. Those banks underwritten by the state, and

underwritten by the state, and while

underwritten by the state, and while they

underwritten by the state, and while they have

underwritten by the state, and while they have recovered,

underwritten by the state, and while they have recovered, what

underwritten by the state, and while they have recovered, what has

while they have recovered, what has not

while they have recovered, what has not recovered

while they have recovered, what has not recovered is

while they have recovered, what has not recovered is people's

while they have recovered, what has not recovered is people's spending

not recovered is people's spending power.

power. In

power. In Britain

power. In Britain the

power. In Britain the average

power. In Britain the average household

In Britain the average household income

In Britain the average household income has

In Britain the average household income has declined

In Britain the average household income has declined by

In Britain the average household income has declined by over

In Britain the average household income has declined by over 5%

income has declined by over 5% since

income has declined by over 5% since 2010.

income has declined by over 5% since 2010. This

income has declined by over 5% since 2010. This graph

income has declined by over 5% since 2010. This graph shows

income has declined by over 5% since 2010. This graph shows what

since 2010. This graph shows what has

since 2010. This graph shows what has happened

since 2010. This graph shows what has happened in

since 2010. This graph shows what has happened in America

since 2010. This graph shows what has happened in America over

since 2010. This graph shows what has happened in America over the

has happened in America over the long-term,

has happened in America over the long-term, real

has happened in America over the long-term, real household

has happened in America over the long-term, real household incomes

long-term, real household incomes shown

long-term, real household incomes shown in

long-term, real household incomes shown in blue

long-term, real household incomes shown in blue were

long-term, real household incomes shown in blue were stagnant

long-term, real household incomes shown in blue were stagnant before

shown in blue were stagnant before the

shown in blue were stagnant before the crisis

shown in blue were stagnant before the crisis and

shown in blue were stagnant before the crisis and now

shown in blue were stagnant before the crisis and now the

shown in blue were stagnant before the crisis and now the declining

the crisis and now the declining year-on-year

the crisis and now the declining year-on-year in

the crisis and now the declining year-on-year in the

the crisis and now the declining year-on-year in the recover.

the crisis and now the declining year-on-year in the recover. Before

year-on-year in the recover. Before the

year-on-year in the recover. Before the global

year-on-year in the recover. Before the global financial

year-on-year in the recover. Before the global financial crisis

the global financial crisis economic

the global financial crisis economic growth

the global financial crisis economic growth was

the global financial crisis economic growth was driven

the global financial crisis economic growth was driven by

economic growth was driven by consumers

economic growth was driven by consumers borrowing

economic growth was driven by consumers borrowing money

economic growth was driven by consumers borrowing money and

consumers borrowing money and spending

consumers borrowing money and spending it.

consumers borrowing money and spending it. Since

consumers borrowing money and spending it. Since then

consumers borrowing money and spending it. Since then it

consumers borrowing money and spending it. Since then it has

consumers borrowing money and spending it. Since then it has been

spending it. Since then it has been driven

spending it. Since then it has been driven effectively

spending it. Since then it has been driven effectively by

spending it. Since then it has been driven effectively by central

spending it. Since then it has been driven effectively by central banks

driven effectively by central banks printing

driven effectively by central banks printing it.

driven effectively by central banks printing it. What

driven effectively by central banks printing it. What will

driven effectively by central banks printing it. What will drive

driven effectively by central banks printing it. What will drive it

printing it. What will drive it now?

printing it. What will drive it now? The

printing it. What will drive it now? The hope

printing it. What will drive it now? The hope was

printing it. What will drive it now? The hope was the

printing it. What will drive it now? The hope was the emerging

now? The hope was the emerging markets,

now? The hope was the emerging markets, China,

now? The hope was the emerging markets, China, Brazil,

now? The hope was the emerging markets, China, Brazil, India

now? The hope was the emerging markets, China, Brazil, India and

markets, China, Brazil, India and the

markets, China, Brazil, India and the like

markets, China, Brazil, India and the like could

markets, China, Brazil, India and the like could take

markets, China, Brazil, India and the like could take the

markets, China, Brazil, India and the like could take the strain.

markets, China, Brazil, India and the like could take the strain. But

the like could take the strain. But all

the like could take the strain. But all the

the like could take the strain. But all the cheap

the like could take the strain. But all the cheap money

the like could take the strain. But all the cheap money printed

the like could take the strain. But all the cheap money printed in

the like could take the strain. But all the cheap money printed in the

all the cheap money printed in the west

all the cheap money printed in the west has

all the cheap money printed in the west has been

all the cheap money printed in the west has been causing

all the cheap money printed in the west has been causing instability

west has been causing instability there.

west has been causing instability there. Property

west has been causing instability there. Property bubbles,

west has been causing instability there. Property bubbles, inflation,

there. Property bubbles, inflation, and

there. Property bubbles, inflation, and now

there. Property bubbles, inflation, and now a

there. Property bubbles, inflation, and now a slowdown.

there. Property bubbles, inflation, and now a slowdown. The

there. Property bubbles, inflation, and now a slowdown. The main

there. Property bubbles, inflation, and now a slowdown. The main point

and now a slowdown. The main point I

and now a slowdown. The main point I guess

and now a slowdown. The main point I guess I

and now a slowdown. The main point I guess I would

and now a slowdown. The main point I guess I would end

and now a slowdown. The main point I guess I would end with

and now a slowdown. The main point I guess I would end with is

and now a slowdown. The main point I guess I would end with is that

I guess I would end with is that what

I guess I would end with is that what we're

I guess I would end with is that what we're trying

I guess I would end with is that what we're trying to

I guess I would end with is that what we're trying to do

I guess I would end with is that what we're trying to do with

I guess I would end with is that what we're trying to do with the

I guess I would end with is that monetary policy,

I guess I would end with is that monetary policy, my

I guess I would end with is that monetary policy, my colleagues

I guess I would end with is that monetary policy, my colleagues in

monetary policy, my colleagues in the

monetary policy, my colleagues in the emerging

monetary policy, my colleagues in the emerging markets

monetary policy, my colleagues in the emerging markets recognise

monetary policy, my colleagues in the emerging markets recognise is

the emerging markets recognise is trying

the emerging markets recognise is trying to

the emerging markets recognise is trying to create

the emerging markets recognise is trying to create a

the emerging markets recognise is trying to create a stronger

the emerging markets recognise is trying to create a stronger US

trying to create a stronger US economy.

economy. Underlying

economy. Underlying all

economy. Underlying all today's

economy. Underlying all today's worries

economy. Underlying all today's worries is

economy. Underlying all today's worries is a

Underlying all today's worries is a bigger,

Underlying all today's worries is a bigger, strategic

Underlying all today's worries is a bigger, strategic worry.

Underlying all today's worries is a bigger, strategic worry. After

bigger, strategic worry. After World

bigger, strategic worry. After World War

bigger, strategic worry. After World War ll

bigger, strategic worry. After World War ll it

bigger, strategic worry. After World War ll it was

bigger, strategic worry. After World War ll it was innovation

bigger, strategic worry. After World War ll it was innovation that

World War ll it was innovation that drove

World War ll it was innovation that drove growth.

World War ll it was innovation that drove growth. He's

World War ll it was innovation that drove growth. He's putting

World War ll it was innovation that drove growth. He's putting that

drove growth. He's putting that rack

drove growth. He's putting that rack into

drove growth. He's putting that rack into a

drove growth. He's putting that rack into a computing machine.

rack into a computing machine. New

rack into a computing machine. New machines,

rack into a computing machine. New machines, thinking

rack into a computing machine. New machines, thinking machines

rack into a computing machine. New machines, thinking machines and

New machines, thinking machines and ordinary

New machines, thinking machines and ordinary people

New machines, thinking machines and ordinary people prospered.

New machines, thinking machines and ordinary people prospered. And

New machines, thinking machines and ordinary people prospered. And then,

ordinary people prospered. And then, after

ordinary people prospered. And then, after 1989,

ordinary people prospered. And then, after 1989, what

ordinary people prospered. And then, after 1989, what has

ordinary people prospered. And then, after 1989, what has driven

ordinary people prospered. And then, after 1989, what has driven growth

after 1989, what has driven growth is

after 1989, what has driven growth is globalisation.

after 1989, what has driven growth is globalisation. When

after 1989, what has driven growth is globalisation. When the

after 1989, what has driven growth is globalisation. When the world's

is globalisation. When the world's Central

is globalisation. When the world's Central Bankers

is globalisation. When the world's Central Bankers meet

is globalisation. When the world's Central Bankers meet what

is globalisation. When the world's Central Bankers meet what they

Central Bankers meet what they worry

Central Bankers meet what they worry about

Central Bankers meet what they worry about is

Central Bankers meet what they worry about is not

Central Bankers meet what they worry about is not the

Central Bankers meet what they worry about is not the short-term.

worry about is not the short-term. They

worry about is not the short-term. They worry

worry about is not the short-term. They worry about

worry about is not the short-term. They worry about the

worry about is not the short-term. They worry about the fact

worry about is not the short-term. They worry about the fact that

worry about is not the short-term. They worry about the fact that the

They worry about the fact that the basic

They worry about the fact that the basic technology

They worry about the fact that the basic technology of

They worry about the fact that the basic technology of our

They worry about the fact that the basic technology of our time,

basic technology of our time, information

basic technology of our time, information technology,

basic technology of our time, information technology, does

basic technology of our time, information technology, does not

information technology, does not seem

information technology, does not seem to

information technology, does not seem to be

information technology, does not seem to be creating

information technology, does not seem to be creating jobs

information technology, does not seem to be creating jobs nor

information technology, does not seem to be creating jobs nor wealth,

seem to be creating jobs nor wealth, nor

seem to be creating jobs nor wealth, nor the

seem to be creating jobs nor wealth, nor the dynamism

seem to be creating jobs nor wealth, nor the dynamism we

seem to be creating jobs nor wealth, nor the dynamism we have

seem to be creating jobs nor wealth, nor the dynamism we have seen

seem to be creating jobs nor wealth, nor the dynamism we have seen in

nor the dynamism we have seen in previous

nor the dynamism we have seen in previous recoveries.

previous recoveries. We

previous recoveries. We already

previous recoveries. We already knew

previous recoveries. We already knew the

previous recoveries. We already knew the global

previous recoveries. We already knew the global recovery

We already knew the global recovery was

We already knew the global recovery was fragile,

We already knew the global recovery was fragile, and

We already knew the global recovery was fragile, and the

We already knew the global recovery was fragile, and the Fed

We already knew the global recovery was fragile, and the Fed probably

was fragile, and the Fed probably will

was fragile, and the Fed probably will start

was fragile, and the Fed probably will start printing

was fragile, and the Fed probably will start printing less

was fragile, and the Fed probably will start printing less money

was fragile, and the Fed probably will start printing less money some

will start printing less money some time

will start printing less money some time soon.

will start printing less money some time soon. But

will start printing less money some time soon. But then

will start printing less money some time soon. But then the

will start printing less money some time soon. But then the hard

will start printing less money some time soon. But then the hard task

time soon. But then the hard task begins.

time soon. But then the hard task begins. Designing

time soon. But then the hard task begins. Designing a

time soon. But then the hard task begins. Designing a kind

time soon. But then the hard task begins. Designing a kind of

begins. Designing a kind of capitalism

begins. Designing a kind of capitalism that

begins. Designing a kind of capitalism that doesn't

begins. Designing a kind of capitalism that doesn't go

begins. Designing a kind of capitalism that doesn't go bang

capitalism that doesn't go bang again.

again. Joining

again. Joining us

again. Joining us now

again. Joining us now is

again. Joining us now is Lord

again. Joining us now is Lord Turner,

Joining us now is Lord Turner, former

Joining us now is Lord Turner, former chairman

Joining us now is Lord Turner, former chairman of

Joining us now is Lord Turner, former chairman of the

Joining us now is Lord Turner, former chairman of the Financial

former chairman of the Financial Services

former chairman of the Financial Services Authority,

former chairman of the Financial Services Authority, and

former chairman of the Financial Services Authority, and Joanna

Services Authority, and Joanna Shields,

Services Authority, and Joanna Shields, the

Services Authority, and Joanna Shields, the CEO

Services Authority, and Joanna Shields, the CEO of

Services Authority, and Joanna Shields, the CEO of Tech

Services Authority, and Joanna Shields, the CEO of Tech City,

Shields, the CEO of Tech City, which

Shields, the CEO of Tech City, which supports

Shields, the CEO of Tech City, which supports the

Shields, the CEO of Tech City, which supports the growth

Shields, the CEO of Tech City, which supports the growth of

Shields, the CEO of Tech City, which supports the growth of the

which supports the growth of the tech

which supports the growth of the tech cluster

which supports the growth of the tech cluster in

which supports the growth of the tech cluster in East

which supports the growth of the tech cluster in East London.

which supports the growth of the tech cluster in East London. Lord

tech cluster in East London. Lord Turner

tech cluster in East London. Lord Turner I

tech cluster in East London. Lord Turner I will

tech cluster in East London. Lord Turner I will start

tech cluster in East London. Lord Turner I will start with

tech cluster in East London. Lord Turner I will start with you,

tech cluster in East London. Lord Turner I will start with you, I

Turner I will start with you, I want

Turner I will start with you, I want to

Turner I will start with you, I want to pick

Turner I will start with you, I want to pick up

Turner I will start with you, I want to pick up with

Turner I will start with you, I want to pick up with what

Turner I will start with you, I want to pick up with what happened

want to pick up with what happened in

want to pick up with what happened in the

want to pick up with what happened in the US

want to pick up with what happened in the US today,

want to pick up with what happened in the US today, that

want to pick up with what happened in the US today, that fragility

in the US today, that fragility took

in the US today, that fragility took a

in the US today, that fragility took a lot

in the US today, that fragility took a lot of people

in the US today, that fragility took a lot of people by

in the US today, that fragility took a lot of people by surprise?

took a lot of people by surprise? The

took a lot of people by surprise? The actual

took a lot of people by surprise? The actual decision

took a lot of people by surprise? The actual decision didn't

took a lot of people by surprise? The actual decision didn't take

took a lot of people by surprise? The actual decision didn't take me

The actual decision didn't take me by

The actual decision didn't take me by surprise,

The actual decision didn't take me by surprise, I

The actual decision didn't take me by surprise, I think

The actual decision didn't take me by surprise, I think it

The actual decision didn't take me by surprise, I think it was

The actual decision didn't take me by surprise, I think it was always

by surprise, I think it was always in

by surprise, I think it was always in the

by surprise, I think it was always in the balance

by surprise, I think it was always in the balance that

by surprise, I think it was always in the balance that what

by surprise, I think it was always in the balance that what they

by surprise, I think it was always in the balance that what they were

in the balance that what they were going

in the balance that what they were going to

in the balance that what they were going to decide

in the balance that what they were going to decide in

in the balance that what they were going to decide in relation

in the balance that what they were going to decide in relation to

in the balance that what they were going to decide in relation to the

going to decide in relation to the tapering

going to decide in relation to the tapering of

going to decide in relation to the tapering of QE.

going to decide in relation to the tapering of QE. The

going to decide in relation to the tapering of QE. The reason

going to decide in relation to the tapering of QE. The reason it

tapering of QE. The reason it didn't

tapering of QE. The reason it didn't surprise

tapering of QE. The reason it didn't surprise me

tapering of QE. The reason it didn't surprise me is

tapering of QE. The reason it didn't surprise me is that

tapering of QE. The reason it didn't surprise me is that I

tapering of QE. The reason it didn't surprise me is that I think

didn't surprise me is that I think that

didn't surprise me is that I think that the

didn't surprise me is that I think that the global

didn't surprise me is that I think that the global economy,

didn't surprise me is that I think that the global economy, and

didn't surprise me is that I think that the global economy, and in

that the global economy, and in particular

that the global economy, and in particular all

that the global economy, and in particular all of

that the global economy, and in particular all of the

that the global economy, and in particular all of the advanced

particular all of the advanced economies,

particular all of the advanced economies, are

particular all of the advanced economies, are still

particular all of the advanced economies, are still in

particular all of the advanced economies, are still in a

economies, are still in a relatively

economies, are still in a relatively fragile

economies, are still in a relatively fragile position.

economies, are still in a relatively fragile position. They

relatively fragile position. They are

relatively fragile position. They are beginning

relatively fragile position. They are beginning to

relatively fragile position. They are beginning to recover,

relatively fragile position. They are beginning to recover, in

are beginning to recover, in particular

are beginning to recover, in particular the

are beginning to recover, in particular the US

are beginning to recover, in particular the US economy

are beginning to recover, in particular the US economy is

particular the US economy is recovering,

particular the US economy is recovering, but

particular the US economy is recovering, but it

particular the US economy is recovering, but it is

particular the US economy is recovering, but it is a

particular the US economy is recovering, but it is a very

particular the US economy is anaemic recovery.

particular the US economy is anaemic recovery. We

particular the US economy is anaemic recovery. We still

particular the US economy is anaemic recovery. We still have

anaemic recovery. We still have economies

anaemic recovery. We still have economies that

anaemic recovery. We still have economies that are

anaemic recovery. We still have economies that are something

anaemic recovery. We still have economies that are something like

economies that are something like 10-15%

economies that are something like 10-15% below

economies that are something like 10-15% below where

economies that are something like 10-15% below where they

economies that are something like 10-15% below where they would

economies that are something like 10-15% below where they would have

10-15% below where they would have been

10-15% below where they would have been if

10-15% below where they would have been if we

10-15% below where they would have been if we continued

10-15% below where they would have been if we continued the

10-15% below where they would have been if we continued the trend

10-15% below where they would have been if we continued the trend of

been if we continued the trend of 2007.

been if we continued the trend of 2007. This

been if we continued the trend of 2007. This is

been if we continued the trend of 2007. This is a

been if we continued the trend of 2007. This is a very

been if we continued the trend of 2007. This is a very weak

been if we continued the trend of 2007. This is a very weak recovery.

2007. This is a very weak recovery. That

2007. This is a very weak recovery. That really

2007. This is a very weak recovery. That really reflected

2007. This is a very weak recovery. That really reflected how

2007. This is a very weak recovery. That really reflected how very,

That really reflected how very, very

That really reflected how very, very deep

That really reflected how very, very deep the

That really reflected how very, very deep the fundamental

That really reflected how very, very deep the fundamental causes

That really reflected how very, very deep the fundamental causes of

very deep the fundamental causes of the

very deep the fundamental causes of the 2007/08

very deep the fundamental causes of the 2007/08 financial

very deep the fundamental causes of the 2007/08 financial crisis.

very deep the fundamental causes of the 2007/08 financial crisis. Does

the 2007/08 financial crisis. Does it

the 2007/08 financial crisis. Does it surprise

the 2007/08 financial crisis. Does it surprise you

the 2007/08 financial crisis. Does it surprise you that

the 2007/08 financial crisis. Does it surprise you that people

the 2007/08 financial crisis. Does it surprise you that people have

it surprise you that people have even

it surprise you that people have even been

it surprise you that people have even been mentioning

it surprise you that people have even been mentioning a

it surprise you that people have even been mentioning a housing

even been mentioning a housing bubble

even been mentioning a housing bubble here?

even been mentioning a housing bubble here? I

even been mentioning a housing bubble here? I think

even been mentioning a housing bubble here? I think what

even been mentioning a housing bubble here? I think what people

bubble here? I think what people are

bubble here? I think what people are concerned

bubble here? I think what people are concerned about here,

bubble here? I think what people are concerned about here, and

bubble here? I think what people are concerned about here, and I

are concerned about here, and I think

are concerned about here, and I think it

are concerned about here, and I think it is

are concerned about here, and I think it is a

are concerned about here, and I think it is a legitimate

are concerned about here, and I think it is a legitimate concern

are concerned about here, and I think it is a legitimate concern is

think it is a legitimate concern is that

think it is a legitimate concern is that we

think it is a legitimate concern is that we have been

think it is a legitimate concern is that we have been talking

think it is a legitimate concern is that we have been talking for

think it is a legitimate concern is that we have been talking for the

that we have been talking for the last

that we have been talking for the last four

that we have been talking for the last four years

that we have been talking for the last four years really

that we have been talking for the last four years really about

that we have been talking for the last four years really about the

last four years really about the need

last four years really about the need to

last four years really about the need to rebalance

last four years really about the need to rebalance our

last four years really about the need to rebalance our economy

last four years really about the need to rebalance our economy away

need to rebalance our economy away from

need to rebalance our economy away from a

need to rebalance our economy away from a focus,

need to rebalance our economy away from a focus, both

need to rebalance our economy away from a focus, both on

need to rebalance our economy away from a focus, both on financial

from a focus, both on financial services

from a focus, both on financial services and

from a focus, both on financial services and housing.

from a focus, both on financial services and housing. And

from a focus, both on financial services and housing. And yet

from a focus, both on financial services and housing. And yet we

services and housing. And yet we seem

services and housing. And yet we seem to

services and housing. And yet we seem to have

services and housing. And yet we seem to have now

services and housing. And yet we seem to have now decided

services and housing. And yet we seem to have now decided that

services and housing. And yet we seem to have now decided that the

seem to have now decided that the only

seem to have now decided that the only policy

seem to have now decided that the only policy by

seem to have now decided that the only policy by which

seem to have now decided that the only policy by which we

seem to have now decided that the only policy by which we are

seem to have now decided that the only policy by which we are going

only policy by which we are going to

only policy by which we are going to get

only policy by which we are going to get the

only policy by which we are going to get the economy

only policy by which we are going to get the economy going

only policy by which we are going to get the economy going again

only policy by which we are going to get the economy going again is

to get the economy going again is to

to get the economy going again is to restimulate

to get the economy going again is to restimulate the

to get the economy going again is to restimulate the housing

to get the economy going again is to restimulate the housing market.

to restimulate the housing market. That

to restimulate the housing market. That is

to restimulate the housing market. That is what

to restimulate the housing market. That is what people

to restimulate the housing market. That is what people are

to restimulate the housing market. That is what people are concerned

That is what people are concerned about.

That is what people are concerned about. It

That is what people are concerned about. It is

That is what people are concerned about. It is not

That is what people are concerned about. It is not so

That is what people are concerned about. It is not so much

That is what people are concerned about. It is not so much that

That is what people are concerned about. It is not so much that the

about. It is not so much that the increase

about. It is not so much that the increase in

about. It is not so much that the increase in prices

about. It is not so much that the increase in prices so

about. It is not so much that the increase in prices so far

about. It is not so much that the increase in prices so far is

about. It is not so much that the increase in prices so far is a

increase in prices so far is a bubble.

increase in prices so far is a bubble. It

increase in prices so far is a bubble. It may

increase in prices so far is a bubble. It may be

increase in prices so far is a bubble. It may be in

increase in prices so far is a bubble. It may be in London,

increase in prices so far is a bubble. It may be in London, but

bubble. It may be in London, but there

bubble. It may be in London, but there is

bubble. It may be in London, but there is other

bubble. It may be in London, but there is other bits

bubble. It may be in London, but there is other bits of

bubble. It may be in London, but there is other bits of the

bubble. It may be in London, but there is other bits of the country

there is other bits of the country where

there is other bits of the country where it

there is other bits of the country where it is

there is other bits of the country where it is definitely

there is other bits of the country where it is definitely not

there is other bits of the country where it is definitely not so far.

where it is definitely not so far. It

where it is definitely not so far. It is

where it is definitely not so far. It is more

where it is definitely not so far. It is more what

where it is definitely not so far. It is more what it

where it is definitely not so far. It is more what it tell

where it is definitely not so far. It is more what it tell us

where it is definitely not so far. It is more what it tell us about

It is more what it tell us about the

It is more what it tell us about the fact

It is more what it tell us about the fact we

It is more what it tell us about the fact we haven't

It is more what it tell us about the fact we haven't yet

It is more what it tell us about the fact we haven't yet achieved

the fact we haven't yet achieved this

the fact we haven't yet achieved this rebalance

the fact we haven't yet achieved this rebalance of our

the fact we haven't yet achieved this rebalance of our economy

the fact we haven't yet achieved this rebalance of our economy to

this rebalance of our economy to more

this rebalance of our economy to more sustainable

this rebalance of our economy to more sustainable forms

this rebalance of our economy to more sustainable forms of

this rebalance of our economy to more sustainable forms of economic

more sustainable forms of economic growth,

more sustainable forms of economic growth, about

more sustainable forms of economic growth, about which we

more sustainable forms of economic growth, about which we have

more sustainable forms of economic growth, about which we have been

growth, about which we have been talking

growth, about which we have been talking for

growth, about which we have been talking for the

growth, about which we have been talking for the last

growth, about which we have been talking for the last four

growth, about which we have been talking for the last four years.

growth, about which we have been talking for the last four years. To

talking for the last four years. To you

talking for the last four years. To you by

talking for the last four years. To you by the

talking for the last four years. To you by the help

talking for the last four years. To you by the help to

talking for the last four years. To you by the help to buy

talking for the last four years. To you by the help to buy scheme

talking for the last four years. To you by the help to buy scheme is

you by the help to buy scheme is inflating

you by the help to buy scheme is inflating it

you by the help to buy scheme is inflating it in

you by the help to buy scheme is inflating it in the

you by the help to buy scheme is inflating it in the wrong

you by the help to buy scheme is inflating it in the wrong way?

you by the help to buy scheme is inflating it in the wrong way? I

inflating it in the wrong way? I certainly

inflating it in the wrong way? I certainly have

inflating it in the wrong way? I certainly have worries

inflating it in the wrong way? I certainly have worries about

inflating it in the wrong way? I certainly have worries about the

certainly have worries about the help

certainly have worries about the help to

certainly have worries about the help to buy

certainly have worries about the help to buy scheme.

certainly have worries about the help to buy scheme. I

certainly have worries about the help to buy scheme. I think

certainly have worries about the help to buy scheme. I think we

certainly have worries about the help to buy scheme. I think we may

help to buy scheme. I think we may be

help to buy scheme. I think we may be overdoing

help to buy scheme. I think we may be overdoing the

help to buy scheme. I think we may be overdoing the stimulus

help to buy scheme. I think we may be overdoing the stimulus to

help to buy scheme. I think we may be overdoing the stimulus to the

be overdoing the stimulus to the housing

be overdoing the stimulus to the housing market

be overdoing the stimulus to the housing market and

be overdoing the stimulus to the housing market and we

be overdoing the stimulus to the housing market and we may

be overdoing the stimulus to the housing market and we may come

be overdoing the stimulus to the housing market and we may come to

housing market and we may come to regret

housing market and we may come to regret that.

housing market and we may come to regret that. I fear

housing market and we may come to regret that. I fear that

housing market and we may come to regret that. I fear that we're

housing market and we may come to regret that. I fear that we're sort

regret that. I fear that we're sort of

regret that. I fear that we're sort of having

regret that. I fear that we're sort of having had

regret that. I fear that we're sort of having had a

regret that. I fear that we're sort of having had a whacking

regret that. I fear that we're sort of having had a whacking great

of having had a whacking great hangover

of having had a whacking great hangover after

of having had a whacking great hangover after a

of having had a whacking great hangover after a debt-fuelled

hangover after a debt-fuelled housing

hangover after a debt-fuelled housing boom,

hangover after a debt-fuelled housing boom, our

hangover after a debt-fuelled housing boom, our policy

hangover after a debt-fuelled housing boom, our policy seems

hangover after a debt-fuelled housing boom, our policy seems to

housing boom, our policy seems to focus

housing boom, our policy seems to focus on

housing boom, our policy seems to focus on the

housing boom, our policy seems to focus on the hare

housing boom, our policy seems to focus on the hare of

housing boom, our policy seems to focus on the hare of the

housing boom, our policy seems to focus on the hare of the --

housing boom, our policy seems to focus on the hare of the -- hair

housing boom, our policy seems to focus on the hare of the -- hair of

focus on the hare of the -- hair of the

focus on the hare of the -- hair of the dug

focus on the hare of the -- hair of the dug bitters.

focus on the hare of the -- hair of the dug bitters. What

focus on the hare of the -- hair of the dug bitters. What about

focus on the hare of the -- hair of the dug bitters. What about the

focus on the hare of the -- hair of the dug bitters. What about the cap

the dug bitters. What about the cap on

the dug bitters. What about the cap on the

the dug bitters. What about the cap on the profit

the dug bitters. What about the cap on the profit as

the dug bitters. What about the cap on the profit as mooted

the dug bitters. What about the cap on the profit as mooted last

on the profit as mooted last week? I

on the profit as mooted last week? I think

on the profit as mooted last week? I think the

on the profit as mooted last week? I think the cap

on the profit as mooted last week? I think the cap on

on the profit as mooted last week? I think the cap on the

on the profit as mooted last week? I think the cap on the profit from

I think the cap on the profit from the

I think the cap on the profit from the chartered

I think the cap on the profit from the chartered surveyor

I think the cap on the profit from the chartered surveyor was

I think the cap on the profit from the chartered surveyor was to

I think the cap on the profit from the chartered surveyor was to put

I think the cap on the profit from the chartered surveyor was to put a

the chartered surveyor was to put a cap

the chartered surveyor was to put a cap on

the chartered surveyor was to put a cap on the

the chartered surveyor was to put a cap on the rate

the chartered surveyor was to put a cap on the rate of

the chartered surveyor was to put a cap on the rate of increase

the chartered surveyor was to put a cap on the rate of increase of

cap on the rate of increase of house

cap on the rate of increase of house prices.

cap on the rate of increase of house prices. I

cap on the rate of increase of house prices. I think

cap on the rate of increase of house prices. I think they

cap on the rate of increase of house prices. I think they are

house prices. I think they are quite

house prices. I think they are quite right

house prices. I think they are quite right to

house prices. I think they are quite right to focus

house prices. I think they are quite right to focus on

house prices. I think they are quite right to focus on the

house prices. I think they are quite right to focus on the issue

quite right to focus on the issue that

quite right to focus on the issue that a

quite right to focus on the issue that a combination

quite right to focus on the issue that a combination of

quite right to focus on the issue that a combination of credit

that a combination of credit extension

that a combination of credit extension and

that a combination of credit extension and asset

that a combination of credit extension and asset increases

that a combination of credit extension and asset increases can

extension and asset increases can create

extension and asset increases can create a

extension and asset increases can create a self-reinforcing boom

create a self-reinforcing boom which

create a self-reinforcing boom which ends

create a self-reinforcing boom which ends in

create a self-reinforcing boom which ends in disaster.

create a self-reinforcing boom which ends in disaster. I'm

create a self-reinforcing boom which ends in disaster. I'm not

which ends in disaster. I'm not convinced

which ends in disaster. I'm not convinced that

which ends in disaster. I'm not convinced that any

which ends in disaster. I'm not convinced that any policy

which ends in disaster. I'm not convinced that any policy regime

convinced that any policy regime will

convinced that any policy regime will ever

convinced that any policy regime will ever be

convinced that any policy regime will ever be clever

convinced that any policy regime will ever be clever enough

convinced that any policy regime will ever be clever enough to,

convinced that any policy regime will ever be clever enough to, as

will ever be clever enough to, as it

will ever be clever enough to, as it were,

will ever be clever enough to, as it were, limit

will ever be clever enough to, as it were, limit house

will ever be clever enough to, as it were, limit house prices

will ever be clever enough to, as it were, limit house prices on

will ever be clever enough to, as it were, limit house prices on a

it were, limit house prices on a year-by-year

it were, limit house prices on a year-by-year basis.

it were, limit house prices on a year-by-year basis. We

it were, limit house prices on a year-by-year basis. We have

it were, limit house prices on a year-by-year basis. We have to

it were, limit house prices on a year-by-year basis. We have to ask

year-by-year basis. We have to ask fundamental

year-by-year basis. We have to ask fundamental questions

year-by-year basis. We have to ask fundamental questions about

year-by-year basis. We have to ask fundamental questions about the

fundamental questions about the growth

fundamental questions about the growth of

fundamental questions about the growth of credit.

fundamental questions about the growth of credit. Including

fundamental questions about the growth of credit. Including credit

growth of credit. Including credit against

growth of credit. Including credit against houses.

growth of credit. Including credit against houses. Here

growth of credit. Including credit against houses. Here is

growth of credit. Including credit against houses. Here is a

growth of credit. Including credit against houses. Here is a key

growth of credit. Including credit against houses. Here is a key fact,

against houses. Here is a key fact, in

against houses. Here is a key fact, in 1960,

against houses. Here is a key fact, in 1960, UK

against houses. Here is a key fact, in 1960, UK household

against houses. Here is a key fact, in 1960, UK household borrowing,

in 1960, UK household borrowing, as a

in 1960, UK household borrowing, as a per

in 1960, UK household borrowing, as a per cent

in 1960, UK household borrowing, as a per cent of

in 1960, UK household borrowing, as a per cent of our

in 1960, UK household borrowing, as a per cent of our national

in 1960, UK household borrowing, as a per cent of our national income

a per cent of our national income was

a per cent of our national income was 15%.

a per cent of our national income was 15%. By

a per cent of our national income was 15%. By 2008

a per cent of our national income was 15%. By 2008 it

a per cent of our national income was 15%. By 2008 it was

a per cent of our national income was 15%. By 2008 it was over

a per cent of our national income was 15%. By 2008 it was over 90%.

was 15%. By 2008 it was over 90%. That's

was 15%. By 2008 it was over 90%. That's a

was 15%. By 2008 it was over 90%. That's a huge

was 15%. By 2008 it was over 90%. That's a huge change

was 15%. By 2008 it was over 90%. That's a huge change in

was 15%. By 2008 it was over 90%. That's a huge change in the

was 15%. By 2008 it was over 90%. That's a huge change in the amount

That's a huge change in the amount of

That's a huge change in the amount of debt in

That's a huge change in the amount of debt in our

That's a huge change in the amount of debt in our economy.

That's a huge change in the amount of debt in our economy. That

That's a huge change in the amount of debt in our economy. That has

of debt in our economy. That has cons

of debt in our economy. That has cons sequences

of debt in our economy. That has cons sequences which

of debt in our economy. That has cons sequences which we

of debt in our economy. That has cons sequences which we are

of debt in our economy. That has cons sequences which we are now

cons sequences which we are now living

cons sequences which we are now living with.

cons sequences which we are now living with. --

cons sequences which we are now living with. -- Consequences

cons sequences which we are now living with. -- Consequences we

cons sequences which we are now living with. -- Consequences we are

living with. -- Consequences we are now

living with. -- Consequences we are now living

living with. -- Consequences we are now living with.

living with. -- Consequences we are now living with. If

living with. -- Consequences we are now living with. If you

living with. -- Consequences we are now living with. If you get

living with. -- Consequences we are now living with. If you get people

now living with. If you get people to

now living with. If you get people to pay

now living with. If you get people to pay down

now living with. If you get people to pay down debt,

now living with. If you get people to pay down debt, it

now living with. If you get people to pay down debt, it flattens

to pay down debt, it flattens growth?

to pay down debt, it flattens growth? That

to pay down debt, it flattens growth? That is

to pay down debt, it flattens growth? That is the

to pay down debt, it flattens growth? That is the problem.

to pay down debt, it flattens growth? That is the problem. The

growth? That is the problem. The problem

growth? That is the problem. The problem is

growth? That is the problem. The problem is we

growth? That is the problem. The problem is we should

growth? That is the problem. The problem is we should never

growth? That is the problem. The problem is we should never have

problem is we should never have allowed

problem is we should never have allowed quite

problem is we should never have allowed quite so

problem is we should never have allowed quite so much

problem is we should never have allowed quite so much debt

problem is we should never have allowed quite so much debt to

problem is we should never have allowed quite so much debt to grow

allowed quite so much debt to grow in

allowed quite so much debt to grow in the

allowed quite so much debt to grow in the first

allowed quite so much debt to grow in the first place.

allowed quite so much debt to grow in the first place. The

allowed quite so much debt to grow in the first place. The fundamental

in the first place. The fundamental problem

in the first place. The fundamental problem across

in the first place. The fundamental problem across the

in the first place. The fundamental problem across the whole

in the first place. The fundamental problem across the whole of

in the first place. The fundamental problem across the whole of the

problem across the whole of the advanced

problem across the whole of the advanced problems

problem across the whole of the advanced problems is

problem across the whole of the advanced problems is a

problem across the whole of the advanced problems is a huge

advanced problems is a huge increase

advanced problems is a huge increase in

advanced problems is a huge increase in debt

advanced problems is a huge increase in debt or

advanced problems is a huge increase in debt or leverage,

advanced problems is a huge increase in debt or leverage, the

increase in debt or leverage, the relationship

increase in debt or leverage, the relationship of

increase in debt or leverage, the relationship of debt

increase in debt or leverage, the relationship of debt to

increase in debt or leverage, the relationship of debt to income,

relationship of debt to income, which

relationship of debt to income, which occurred

relationship of debt to income, which occurred over

relationship of debt to income, which occurred over four

relationship of debt to income, which occurred over four or

relationship of debt to income, which occurred over four or five

which occurred over four or five decades

which occurred over four or five decades before

which occurred over four or five decades before the

which occurred over four or five decades before the financial

which occurred over four or five decades before the financial crisis.

decades before the financial crisis. And

decades before the financial crisis. And the

decades before the financial crisis. And the fundamental

decades before the financial crisis. And the fundamental reason

decades before the financial crisis. And the fundamental reason why

decades before the financial crisis. And the fundamental reason why we

And the fundamental reason why we have

And the fundamental reason why we have now

And the fundamental reason why we have now got

And the fundamental reason why we have now got a

And the fundamental reason why we have now got a depression

And the fundamental reason why we have now got a depression from

have now got a depression from which

have now got a depression from which we

have now got a depression from which we are

have now got a depression from which we are finding

have now got a depression from which we are finding it

have now got a depression from which we are finding it very

which we are finding it very difficult

which we are finding it very difficult to

which we are finding it very difficult to escape

which we are finding it very difficult to escape is

which we are finding it very difficult to escape is that

which we are finding it very difficult to escape is that once

difficult to escape is that once you

difficult to escape is that once you then

difficult to escape is that once you then get

difficult to escape is that once you then get to

difficult to escape is that once you then get to crisis

difficult to escape is that once you then get to crisis you

difficult to escape is that once you then get to crisis you have

difficult to escape is that once you then get to crisis you have a

you then get to crisis you have a whole

you then get to crisis you have a whole load

you then get to crisis you have a whole load of