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  The above banking problems are of course separate from the mad spending spree Brown embarked on building up a defici in the part of the economic cycle in which he should have reduced it. It is also separate to the cyclical economic slowdown and correction (started in 2007) that was turned into an economic disaster by a combination of the massive state deficit, the banking problems and the Eurozone. Other Brown errors that made the current problem worse of course, as a result of that inflation brief and low interest rates is the housing bubble, massive private debt and a lack of household savings.

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