Indeed! Iain then refers to the newest National Audit Office: "Maintaining financial stability across the United Kingdom’s banking system" [Link] where it was interesting to read that the UK Treasury expects to have spent £107 million on advisers by April 2010. Now we presume - and indeed the NAO expect - that the taxpayer will get most of this money back but it does surprise me that "Two sets of financial advisers – from Credit Suisse and Deutsche Bank respectively - who were each appointed on retainers of £200,000 a month for a year" (not including success bonuses). Ah well, if they save the country from The Brownstuff I suppose it would be worth it.
"But many of the same people who trumpet this as the new orthodoxy were equally fervent believers in the old orthodoxy (which was that there would be no need for a new orthodoxy because most economic problems had apparently been solved)."
Anyway, the point that IM picks up on is the authorities were aware, in 2005, that "the existing legislative framework would not be sufficient in a crisis."
FFS! And let's not forget either, that they were warned as far back as 1997, in an ocular oration.
"That's the famous tripartite framework that was introduced with much fanfare in 1997, by the then Chancellor of the Exchequer"