The Brown model has collapsed

Telegraph:
"A giant rate cut, the biggest for 27 years and much bigger proportionally than when rates were coming down in 1981 from above 12%. This is the MPC and the Bank putting up its hands and saying: ok, we’ve made a terrible hash of things and reacted too slowly in the last year, let’s cut rates as fast as we can in a desperate attempt to stave off the worst effects of recession. What a humiliation.It also means that one of the last remaining pillars of Gordon Brown’s rickety temple is collapsing."