Yes, just as a false sense of wealth was created by repeatedly lending the same chunk of money, so a false sense of debt is created by looking at the same thing in reverse.

I agree that Lord Turner's analysis is the best I have seen, but it captures what many people had an intuitive feeling about "how come everyone's saying our economy is doing well and we're 'creating wealth' when so much of it just seems to be shuffling money about and so little of it is actually doing something physical?". Mostly we were told to shut up and stop being naive, we were just silly people who didn't understand economics.

Looking at it further, one can see there's a problem of a boom and bust in ideas as well as credit. As Lord Turner says, just about everyone we trust(ed) as an expert on these things was adopting the same line. What was needed was a more balanced view in which there were people arguing both sides, so that the risks in what was happening were better understood and more people at the practical end were doing things to safeguard against those risks. But for many years, to speak out against what was happening was to get you labelled as some sort of left-wing loony who wanted to return you the days when "the dead lay unburied on the streets" etc. And, during this term, weren't so many of the left tied up with fringe issues, so that not even they were giving a coherent line against the accepted orthodoxy?

But anyway, here's someone who got it spot on:

http://www.moneyweek.com/investments/property/bust-will-follow-boom---but-when.aspx

I remember being impressed when I read him at the tail end of the last boom and then by his accurate prediction of the bust that followed.

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