Actually there is plenty of evidence that the lessons have not been learnt.
Over inflating earnings being the biggest and most common thing in common.
This is on top of greatly reduced lending criteria compared to before the boom in the first place.
So we have had a multiplier from the banks, on top of a multiplier from the customers, on top of a record low interest rate multiplier..... This means lots of people have mortgages that they simply wont be able to pay when the record low interest rates are no more and their real income is exposed and the banks actually tighten lending criteria as well.
Much the same as what happened in the USA in actual fact.
