Hamish Champ: Have we learned anything from the credit crunch?

I was on holiday last week doing the half-term thing with my nine year-old. In between the usual visits to cinemas and museums I listened to a lot of radio, while my son gorged himself on large helpings of Cartoon Network.

As I pottered about the house the subject of the economy predictably dominated the airwaves of Radios 4 and 5 Live.

Many a commentator noted that while the UK's banking system might well recover from the effects of the recent crisis, wrapped up as it is in the bigger, global picture, it was safe to assume the days of being able to borrow infinite amounts of money were well and truly over.

So are we witnessing the beginning of a period of restraint; of good - albeit enforced - economic housekeeping, where financial cloth is cut according to both need and the ability to (re)pay?

Or are we merely suffering the mother of all hangovers; that once the pain currently enveloping our economy subsides we'll forget the unpleasantness and get back to our old profligate, partying ways? It's unlikely to be the latter for some time.

I don't believe the current crisis heralds the demise of capitalism. If anything it should illustrate that like the effect of a forest fire, economic life can be rejuvenated by disaster.

But lessons surely have to be learned.

If this means as consumers we have to be more realistic about and take greater responsibility for our financial ambitions than we have done in the past - eg, we can't go bonkers with the credit card in future, or assume money does quite literally grow on trees - this can only be a good thing.

Similarly, it is important that our banking friends refrain from the sort of irresponsible lending strategies that simply land borrowers in big trouble.

One gets what one pays for, after all. In all senses of the phrase.

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Just before the half-term break I was interviewed for an upcoming edition of the BBC's 'Money Programme', which will be looking at the financial health of the British pub.

Much was covered in the half-hour of filming that took place in a lovely little boozer in Highgate, in North London, but the emphasis was very much on the role of the pubco in the industry.

"Are pubcos evil?" the programme's affable presenter asked me at one point in the proceedings. I couldn't help but giggle at the question.

It conjured up an image of Enterprise Inns' Ted Tuppen and Punch Taverns' Giles Thorley dressed from head to toe in red, sporting short, pointy horns and each poking at the damned with a trident.

I'm sure there are plenty of licensees who think pubcos are evil. But I don't. They aren't perfect by any means. But evil? No.

Feel free to disagree, though. You usually do…