“When I think of those friends and peers who fought and fell in the last recession, I reflect upon the question that haunted my father – who got out, and who didn’t? When I think of the generation that follows mine, and what they will have to face, the idea of anyone ‘getting out’ appears perversely utopian.”
2008 financial crash
“Even if we somehow stabilise the economy faster than I suspect is possible, an inevitably reappraisal of financial asset values will follow – and that means insolvent banks. It’s hard to see how they could be rescued this time.”