I had planned on blogging extensively on this - having spent much of the week knee-deep in economic theory, but I've been rather beaten to the punch.
Adam Price's detailed and thoughtful blog here builds on the thoughts of Rhydian Fon Jones last night.
My favourite comment of today, though, goes to Robert Chote of the Institute of Fiscal Studies.
He writes in today's Telegraph that: "In an ideal world, we would have faced the current turmoil with a smaller debt and a smaller budget deficit, but we did not."
Rather unsubtle pointer as to where the blame might lie, no?