Mr Cable and his friends keep saying he saw the dangers of too much credit in 2004-7. So did the Conservative party and so did many of us watching the build up of the bubble. He was not unique.
What matters is the response to the crash of 2007-8, when Mr Cable failed to forsee the way public intervention and bank nationalisation would make things worse and damage the future recovery. There should have been earlier and private intervention with banks short of cash, and use of lender of last resort, not share purchase. He has not spoken out against boom and bust regulation, nor does he seem to understand the way tightening the regulations at the bottom of the cycle has made things worse.
Promoted by Christine Hill on behalf of John Redwood, both of 30 Rose Street Wokingham RG40 1XU