It is because those three systems did not work that Britain was plunged into crisis on such a scale, with a vast overhang of private debt and too little productive capacity.
There is a private equity overhang but we expect the share will re-rate to align with retail roll-out stories.
Investec analyst Ian Gordon said: When we downgraded to hold [ in January], we cited five primary concerns: (1) frothy 2013 sellside forecasts (2) payment protection insurance top-up risk (3) enhanced capital notes unwind (4) other income decline and (5) government overhang.
As we walk through the dense Guyanese rainforest, a sign stops us in our tracks: "This area is an overhang.
This, it reckons, has led to a growing overhang of completed but unsold homes.Worse, sales figures may be misleading.
That gives some hope that the overhang in inventories may be easier to deal with than it used to be.Nonetheless, managing the recession will still be difficult for executives who have long since forgotten what the previous one felt like.
But the overhang of corporate debt and a growing bad-loan problem at India's banks is a bigger obstacle to a recovery in capital spending than the level of interest rates.
Home sales and residential construction are tumbling, the overhang of unsold homes has soared and, according to some statistics, house prices have started to slide.
Rather, it adds to a supply overhang that depresses prices as the economy sags.
Fitch, a ratings agency, warns that at current rates of selling it will take six years to clear the overhang.
This has buttressed the housing market by restricting supply, but left a huge overhang of properties that can be foreclosed.The process will accelerate.
