The similarities may not jump out at you. But bear with me.
For years, I was only allowed to play the CD of Abba’s greatest hits when my husband was abroad. Now, Abba lovers have come out of the closet on the back of Meryl Streep’s performance in the film Mamma Mia! My, but it turned out there are many of us! By January, it was the biggest selling DVD of all time in the UK.
Regulation, too, has come out of the closet, on the back of an abysmal performance by a number of banks, egged on by loose credit. As far back as last March 2008 I wrote a piece for The Banker on the wave of regulation heading the way of the banks. It was picked up by the FT for its Op-Ed page but sunk without a trace.