BBC Link. Mervyn King places the blame for the recession firmly at the feet of 'the financial sector and policy-makers'. I notice he hasn't been more explicit in saying whether 'policy-makers' include the government of the day or are limited to the independent Monetary Policy Committee. My own suspicion is that the wheels would have come off the wagon regardless of who was holding the reins. What politician would have resisted the urge to buy votes with a blizzard of feel-good moments?