The Bank of England did not understand the depth of the problem created with their encouragement of soft credit.. according to deputy governor Sir John Gieve..
Begs the question.. who's analyses were they reading..?

Another sign the global automotive industry is bowing under the weight of accumulated completed stocks, crowding the storage facilities at the ports of entry to bursting points.. waiting for dealers to make room in their own inventory to take their new orders.. Toyota says it's going to suffer it's first loss in 71 years.. £1.1billion. Now this business year ends in March, and this loss won't be felt by the average stockholder 'til next year..
And the company is investing in expansion into production of a viable hybrid.. with a plant in Cambridge, Ontario..
It would seem to harbinger the core changed all car makers are going to need to adopt if they're going to remain viable..
It will be interesting to see what develops between the Big Three American automakers and the government.. what commitment will be demanded for alternate fuel re-tooling..
What direction the new 'work for the government.. don't call it welfare' scheme will take.. Which infrastructures will receive the bulk of the new workforce, be it roads which basically haven't had a major overhaul since the 1950's.. or railway lines, now unused, linking communities through the repair and reactivation of lines deemed unprofitable..
And oncer again, it would be a vast step in the right direction if some entrepreneurs were given the chance to develop trans-Atlantic Zeppelin travel.. Supersonic speeds were developed to ensure a representative of one company could be physically present throughout what could be days of negotiations in distant locations..but in this day and age.. Internet connections could allow that same executive a two day window for net negotiation, and still ensure his physical presence at the finalisation process..
We have the capability for instant communication.. and still we run about as though '..not a moment to be lost..' still has meaning.
As the financial chaos will moil and toil it's muddled way back into a semblance of order over the next five or six years.. we could be working towards reducing a constantly increasing stress factor, by returning to that which is 'low-tech'.. profitable..ecologically sound.. and relaxing..
Somewhat a surprised Richard Branson hasn't been working on plans for a modern blimp.. It would be something one would have thought would have crossed his mind..