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  Jan - no you are mixing up different problems.
  
  The economy always goes in cycles, you get a growth part of the cycle and then you get a down-turn, its as certain as night follows day. This is nothing to do with bankers at all.
  
  Gordon Brown claimed to have abolished boom and bust, a piece of pure conceit that a bit of political fantasy. No serious economist believed a word of that and knew it for what is was.
  
  The problem was that brown believed what he said. He kept on borrowing and spending as if a downturn would never come, that the good times will always roll... That is why we have the structural deficit of £109bn, the excess in spending over income. That is the reason for the cuts, nothing to do with the banks.
  
  The banks are not totally innocent of course. But even then Brown carries a responsibility because he messed up two things, banking regulation and the inflation brief for the Bank of England. The result of that was a deepening and lengthening of the depth of the recession because of the impact of the housing and debt bubble that resulted in Brown's changes that SOME bank took advantage of.

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