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margaret drabble, property and finance in the 1970s (or why don't we learn from the past?) June 14, 2008

Posted by Bradley in : Uncategorized , trackback

I have been enjoying Margaret Drabble’s The Ice Age. Although some things have changed since 1977 when the book was published, there’s some resonance with the current financial mess:

What had happened to those days of easy money in the early seventies, what had happened to the boom, to all those spectacular profits? Why had all the confident experts been so taken by surprise? Anthony had been seduced and corrupted by these confident experts into believing that profits would go on multiplying forever, unlikely though that had always seemed. Go for growth, had been the slogan, and everybody had gone for it. Now some were bankrupt, some were in jail, some had committed suicide, and only the biggest had survived unscathed. Casualties of slump and recession strewed the business pages of the newspapers, hit the front page headlines. Old men were convicted of corruption and hustled off to prison, banks collapsed and shares fell to nothing.

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