Any excuse to make a reference to the late, great and wonderful Ian Dury.
I sent the following email to my friend in response to the stock market rallies and the green shoots of optimism seemingly turning into beautiful May flowers:
"I take it nothing can has fundamentally changed? The confidence couldn't possibly be so self-fulfilling that all the consumer and corporate debt somehow vanishes into a great big black hole?"
His response, justifiably caustic, was:
"Of course, that's the answer. We wake up on May 1, and its all been a nightmare.
"Suddenly houses are still worth what they were there years ago, and are still increasing in price on a monthly basis.
"None of the banks have been nationalised, and the shadow banking systems is still the same size as the normal banking system.
All is fine with the world, and neither Chrysler nor GM are close to bankruptcy."
Quite. Enjoy it while it lasts.
