One was pampering the banks and jumping to their every need to allow them to expand credit at a crazy pace. The other was, as the text books describe it, procyclical budgets. The Minister and the Department of Finance insisted on pouring fuel on an economy that was already overheating. The solutions the Government tells us we must now follow are exactly the same. There must be more procyclical budgets, although this time it is sucking the life out of an economy that is already on its knees, and we must continue to pander to the needs of the banks, which are themselves on the verge of insolvency in some cases.

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