No easy cure for credit hangover

Let’s say you walk into a bar, get drunk and wake up with a terrible hangover. Do you: (a)    Start drinking again to dull the pain; or (b)   Stay away from bright lights and give it a rest for a while. You would obviously choose (b) – at least if you knew what was good for you. Now if you were in 2007, you walked into the financial markets, got drunk on the availability of cheap credit, wrote some dodgy loans and caused a financial crisis. Do you: (a)    Start pumping more credit; or (b)   Cut spending and give the...

Let’s say you walk into a bar, get drunk and wake up with a terrible hangover. Do you:

(a)    Start drinking again to dull the pain; or

(b)   Stay away from bright lights and give it a rest for a while.

You would obviously choose (b) – at least if you knew what was good for you.

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