The 1970's saw three day weeks and my Grandad milking the cows by candlelight because the miners had shut down the power stations - no, we're not quite there.
Unwinding all this debt though will take years and prosperity in terms of spending power will not return to 2007 levels for at least a decade. The days when borrowing £75k to spend on flying training felt normal will not return for quite some time. Perhaps this is a good thing.
Airline losses in 2009 are going to be horrendous. 100% guaranteed.
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