I remember being told after the 1992 general election that Labour could never win a majority in Britain ever again.

The bull market, rising prices, earning lots of money, make it seem as if the good days will never end. When prices are falling and there is a recession, that also feels as though it will last for ever. Politics is the same. People simply can’t imagine changing circumstances.

It’s the easiest thing in the world to assume that what seems so obvious at one moment in time is a hard, perpetual fact of life.

Kwasi Kwarteng Quotes