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Sound Familiar?


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First, we experienced a growing business and consumer confidence. As the nation embarked on years of coninuous growth the public saw the dawn of a new golden age in which expansion, as it were, went on and on. After the lean, depressing years of unemployment the economy was really stoked up. And the boom was reinforced by the effects of financial liberalisation and the disappearance of direct controls over credit. I have never known as many people wanting to lend me cash. Money, it seemed, was the least of anybody's problems, even if they had none.

Who said this of what era?

It was Bernard Ingham, writing in 1991 about the late 80s (in Kill the Messenger, p 381).

Interestingly he says that a year after the 1987 stock market crash he was concerned that the government's economic policy was far too loose, and that inflation would be the consequence (it was). After that interest rates shot up, and we know the rest.

It seems the economic wonks even then weren't as savvy as the independent-thinking layman.

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