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is feeling pretty clever: "Chris - it amused me to look back to your 27 March piece after we'd spoke on the 'phone: you quoted me thus "Another chat with the City Unslicker team raises the question of whether the spin on the crisis we get is too positive. It was put to me that Government and financial institutions and indeed the market have an interest in talking down the crisis... Are they right, are we underplaying the risk of an economic melt-down ?" So - were we right, or were we right ?!"

I'm also reminded of a conversation with another of the CityUnslicker team who was keen to stress that crashes happen slowly. Let's hope that's one forecast that doesn't come true.

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