Mr. David McWilliams:

They said they had heard me on the radio and both referred to "dangerous talk" and warned about frightening the horses. The problem with that is that I knew, not from talking to bankers but from looking at what are called repo spreads and credit default swaps, that all the hot money, this significant investor money, was leaving. Whose money gets called after that? Your mum's money and my mum's money gets called. It falls to depositors, in other words. What struck me as really strange was the more they spoke about "dangerous talk", the more they imperilled the deposits of the little guy, because the big guy always gets out first. The context is this idea of delay and pray and not being honest with ourselves. The more they denied it, the more terrified I became because it either meant they did not understand the significance of what was happening, they did not have any facts at their disposal or they actually did not care.