The crisis that banks made
Unlike many previous crises — Latin America, Asia, Russia — the woes of 2007 were caused by the financial markets’ own practices, with little help from outsiders. Outside the US, the pain has so far remained in the financial sector. Toby Fildes and Jon Hay analyse how so much went wrong in a remarkable year, what went right, and the risks facing the markets in 2008.
"May you live in interesting times." 2007 was the year when many in the financial markets were struck by this curse, supposedly of ancient Chinese origin.
Hundreds of billions of dollars of US mortgages at risk of default. House prices falling, with worse possibly to come. The Shanghai stockmarket
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