Sir, Successive governments have tried to keep the economy going by dropping interest rates in the hope of stimulating a spending frenzy, thereby ignoring the need for a strong manufacturing base. As a consequence we now have an economy that cannot survive unless we have continually rising house prices.

A consumer-led economy that borrows money to buy foreign goods is not sustainable. It simply brushes the real problem under the carpet, only to have it re-emerge even larger at a later date.

Like musical chairs, you can only restart the music so many times.

Derek Grayson

Winchester, Hants

Sir, Although the anxiety and stress faced by City workers is a worrying immediate outcome of the financial crisis, the real impact of the credit crunch will be felt by the much less well-off in society for years.

Thousands of ordinary people will face increasing mental health pressures from rising debt, house repossession and the struggle to feed their families. Rethink cautions that, as a result, levels of mental illness could rise. Since private clinics are out of reach to most, the Government needs to invest in mental health services for the ordinary man in the street and those who are already vulnerable in this economic downturn.

Paul Jenkins

Chief Executive, Rethink

Sir, It has been said that recessions are not for politicians, nor even for economists. Recessions are for psychiatrists.

Apart from permanently banning speculative short-selling (in shares, commodities and currencies), the urgent priority now must be to change the psyche and inject a large dose of optimism; the world is not at an end and there is life after tomorrow.

At the same time, it might also be an idea to shut down the stock markets and the doom and gloom they generate. There is little to be gained from having markets that resemble more a casino than the real economy.

Joshua Rowe

Manchester

Sir, Given the current economic situation can we not just go into administration and start next year on minus 15 points? Such a solution appears to have worked wonders for Leeds United.

Antony Last

London E16

Explore Letters

• Feedback