History repeats itself — so what farce lies around the corner?

The capital markets celebrated a barnstorming few weeks during May and early June, suggesting that the worst of the credit crunch was in the past, and that we could look forward to a bright and bonus-filled future. That was the message of this time of year in 2008 — and no one now needs reminding of the storm that was then brewing, and which broke in such vicious fashion in September.