On 30 June 2008 I called the recession well over three months before Gordon Brown first admitted it.
On 15 October I pointed out the benefits of 'ringfencing distressed banking assets' aka creating a bad bank. Three months later politicians on both sides of the Atlantic appear to be considering this measure at long last.
If this had been done on a timely basis (a little before when I suggested it), it would be an excellent way of wiping the slate clean, restoring confidence in the banking sector and allowing the private sector to take us forward. That time has passed.
So what next? On 10 December, I made the point (see comment three on this thread) that we were on "a slippery slope to state ownership of banks". This will represent another government mistake. How right I am about this will be clear by mid-March.