This time around fearful consumers are already head over heels in debt, wiser regarding the temporary illusion of good times financed by borrowing, and determined to pay down debt and save rather than spend.
He also said he wanted to see "consumer-friendly" organisations - co-ops, partnerships, consumer charities - dedicated to doing the shopping around for consumers "to make sure that you are always on the best deal, even if you do not have time to check yourself".