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How the NICE decade turned nasty as the financial boom went bust


IN the fairy tale, courtiers persuade the emperor to parade naked through the streets because he is supposedly robed in new clothes made of a cloth which appears invisible to people unworthy of their office. It is left to a guileless child to see through the confidence trick.
We live in a democracy. There is careful scrutiny of every public decision. So, the confidence trick needs to be that bit more subtle. It need not even be a conscious trick, but may instead be motivated by genuine belief. And it may take years for the trick to be revealed.
During the 1992 US presidential election, James Carville, in managing Bill Clinton’s campaign kept on reminding his candidate: “It’s the economy.” ....

United States , United Kingdom , Gordon Brown , Mervyn King , Alistair Darling , James Carville , John Major , Bill Clinton , Bear Stearns , Labour Party , Halifax Bank , Lehman Brothers , Northern Rock , Lloyds Banking Group , Royal Bank , Financial Services Authority , General Election , ஒன்றுபட்டது மாநிலங்களில் , ஒன்றுபட்டது கிஂக்டம் , கோர்டந் பழுப்பு , மெர்வின் கிங் , அலிஸ்டர் அன்பே , ஜேம்ஸ் கார்வில்லே , ஜான் முக்கிய , ர சி து கிளின்டன் , தாங்க ஸ்டேர்ன்ஸ் ,