Businesses went bankrupt, unable to pay borrowing costs; families were unable to buy new homes; longterm investment into power plants, subways, railroads, and other infrastructure, ground to a virtual halt as a consequence of Thatcher’s monetarist revolution.
There’re always 2 or more ways to see same thing.
Without knowing the ground reality, here’s my 2 cents worth. Let’s face it, the business that are running on tight margins and dependent on low interest rates must’ve gone. Those families that have not save enough and are pursuing low interest loan couldn’t have been able to buy houses, and therefore prevent a housing bubble.
The balance in author’s views are non-existent
