When the dust finally settled on this debacle it will be interesting to see what is written by historians of this period. The gospel according to St Gordon and his Darling is that the horrible subprime scandals in the USA were the root cause of all our ills. Has he forgotten the excesses of our own bankers who not only joined the sub prime band wagon with glee but for many years have been handing out credit to all and sundry and in particular to private equity groups for their asset stripping games. They then played pass the parcel with what was left and the last man standing when the music stopped had to deal with the consequences.

This was an accident waiting to happen for a long time and it was as contagious as a disease which is why this is a global problem. I guess it will get sorted but not before there have been many more casualties , many of which will not deserve the fate that is in store for them.