Here is a graph that shows the four economic downturns Britain has been through (red lines) over the past forty years.
What I find strking is that each downturn was preceded by the same thing: a surge in the growth of money (blue line). In other words, the bust followed an unsustainable credit-induced boom…
The man in the street can't see the increase in credit or the credit bubble, as it is a bit abstract, but what we can easily see is land price/house price bubbles, which are always debt fueled.
That's where nearly all the extra credit goes - into buying and selling the same old land and buildings which have always been there, they are already built on/built and so little need for further investment above and beyond annual maintenance etc.
You can't have a credit bubble without a land price bubble and vice versa, they are the same thing, two sides of the same coin.
And we know how to dampen land price speculation (and reduce taxes on real economic activity and investment), don't we?