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I do not agree that the credit crunch was 'sparked' by the collapse of Lehman Brothers as if it was somehow 'caused' by their fall.

In fact, there was no such crisis in Australia - none whatsoever.

The only difference was they did not have a daft Government then that presided over a wonderful boom in credit. They did not allow their banks to go free of regulation, as if the Goose would keep on laying the Golden Eggs of bank loans forever, with all the associated bonuses that bankers could earn as a result.

Remember Gordon Brown's mantra during his 10 years at the Treasury?

... that his prudence as Chancellor of the Exchequer would ensure there would never be a return to "boom and bust" economics.

Yes Lehman may well have been the spark, but it was Gordon who provided the petrol can...

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