and nervousness among private consumers about their large levels of personal debt
Maybe the press will now get the message, that the downturn has been caused by debt, more debt, and even more debt.
To those who say there is not going to be one hell of a correction in house prices I will admit it is going to be a long drawn out process. Debt will create a very long denial period for those who haved maxed out and those with good equity and sensible debt will keep the market ticking over as I have witnessed in my area.
Surveyor is finding the same in the South East.
As Humphrys pointed out to Brown that Mervyn King has said the next ten years will not be the same as the past ten years.
It will be interesting to see if other financial journos have picked up on this.