Sowing the Seeds of the Current Financial Crisis
Another lesson? It’s better in the long run to be a creditor than a shareholder!
Of course, there were many reasons for the reckless lending and failures of risk management that led to the most recent systemic credit shocks. And we have now entered the realm of trillion-dollar bailouts, vast contagion across financial institutions, rapid deleveraging of banks and an economic crisis that some people are starting to compare to the Great Depression.
When will it stop? How do we get off this train? World War III?