Monday, August 04, 2008

Let's recap the mess we're in...

The big freeze: A year that shook faith in finance

*from the Financial Times


What has made this upheaval so shocking is not simply its scale and duration but the fact that almost all western policymakers and bankers were caught unawares. “If you had said a year ago that America could suffer a banking crisis on the scale of Japan, people would have laughed,” one former senior US regulator admits.

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