The claim comes as Italy fights back against "reckless" credit rating agencies which slashed its credit rating as the eurozone debt crisis exploded.
With many homeowners and businesses teetering on the brink of bankruptcy, having taken out huge loans during the boom years, several analysts said the ECB would be reckless to raise rates.
Low interest rates; reckless lending and borrowing that allowed self-certified, 110% and interest-free mortgages; the emergence of what Faisal Islam, in his book The Default Line, terms an infernal "bubble machine" in which everyone – from estate agents to lenders to solicitors to home-owners – had an interest in prices continuing to rise, have all contributed.
Virtual currency is a multi-billion dollar industry growing at a massive rate, and reckless short term behavior can threaten an even more prosperous long term future.
IN THE days of roaring inflation, high interest rates and reckless public spending, Brazil's banks never tried hard to attract customers: they made easier profits investing in government bonds.
But this was a reckless assumption when interest rates were rising and house prices softening.An over-reliance on unseasoned risk models is also partly to blame for bad underwriting.
Over the last decade the boom turned bubbly, as low interest rates and reckless lending, abetted by dozy regulation, pushed up land values and caused Ireland to turn into a nation of property developers.
"We immediately reminded all of our referees how it is important to be careful in assessing those challenges that can be rated as reckless or even a serious problem," he said.
The financial crisis, which began with overvalued homes and sloppily underwritten mortgages, was the product of numerous forces and failures in which Mr Bush was not a major contributor; they included low interest rates, bankers' reckless risk-taking, flawed regulation and consumers' bubble mentality, all of which spanned borders.Yet Mr Bush's presidency was also poisoned by his own ambition.
Roger Urwin of Watson Wyatt, a firm of consultants, describes an overconcentration on cash as "reckless conservatism .Even low interest rates may not put them off.
