In some sense almost everyone was implicated in the bubble, whether it was people buying a house at the top of the market with a 100 per cent mortgage, or the Chancellor of the Exchequer loving all that tax revenue that was coming from the city and not looking under the bonnet at what the city was actually up to, or the newspaper groups getting lots of lovely advertising from estate agents and property supplements or television companies getting lots of lovely viewers for programmes telling them to go out and buy another house to do up.