We are looking at a possible deep recession, with a big surge in jobless and the loss of substantial capacity to produce goods and services for the future.
The reason we will get away with it again, as we did in the banking crash, is that there is so much deflation around, inflation is not a problem.
Many of these matters can only be made on the basis of imperfect information. The advantage of the elected official making the ultimate decision is one of accountability.
There were plenty of Yes Minister routines and scripts to live through then as now. Much of the system did not like the privatisation programme.
Here in Britain, the two main parties are being punished by voters for tearing up their Brexit commitments.