Guardian Unlimited Money : "An image keeps popping into my head. It's the old days. A customer in need sits down with their bank manager who says, '£1,000? You must be crazy!' I wonder: is there some economic sage out there who effectively invented the new way - someone who drew up a utopian image where banks would fall over each other to loan money to whoever wanted it.
And so I call Lord Griffiths of Fforestfach. He's the vice chair-man of Goldman Sachs International, a former director of the Bank of England, and once the head of Margaret Thatcher's Domestic Policy Unit. I'd been told that if anyone could answer that question, he could.
I ask him if this whole mess can be traced back to one man. I expect him to say something like, 'Oh no, it's far more complicated than that. It is a gradual shift. Nobody is to blame.' But he doesn't. Instead, he says, 'I hate to say it, but I was one of the people who argued strongly in favour of...