1) I spent most of 2002 and 2003 arguing with my fried Dani - I held the view that the banking system was hopelessly overextended and that capitalism without serious regulation was doomed to fail.

2) I sold my house in 2001 expecting the housing market to fall dramatically. I was a little premature in my estimates, but I suspect the fall will end up being greater than even I anticipated. 1992 levels are likely, I suspect.

3) The BBC and others were highlighting the fraudulent practices being used to secure people mortgages so they could buy houses at ridiculously inflated prices back at the beginning of the millenium, so it is surprising nobody realised the risks...

The whole system has been based on fraud and dishonesty for so long, it is hardly surprising that it is 're-adjusting'. The failure of the 'authorities' to see it was going to happen is merely an indication of the problems inherent in political and business practices. Power and money are used to run things, and