I realise I’ve focused on what McKinsey has had to say on the downturn, and especially on the failure to warn of the subprime nonsense, so thought I should check out the other big consulting firms. Not so easy, as they mostly don’t publish their own views quite so firmly or accessibly as happens with the McK Quarterly.

Why am I banging on about this?  If those advisors had been urging caution when it was obvious trouble could be building, and ...