In response to Merryn Somerset Webb’s opinion piece last weekend ( September 15-16), in 1878 the City of Glasgow Bank went fraudulently bankrupt. All the directors, who were respected Glasgow business people, went to prison, and bankruptcies in Scotland soared to an unprecedented level, particularly in the building trades. House prices collapsed and took a century to recover.

As Ms Somerset Webb predicted, recovery after the financial crisis was swift and the majority of the firms that failed were quickly back in business, albeit with much reduced capital.

Have we traded two years of pain for a decade and more of anguish?

Michael Moss

Borland Hills, Ayrshire, UK

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