Monday, Feb 25, 2008
Over there, now over here....
Guardian: Hefty US interest rate cuts do not seem to be arresting slide towards recession
''Economic crises go through four distinct stages. First, there is the bubble-induced mania when markets rocket skywards and the word on the street is that the good times will last for ever.
After bubble comes denial. This is the period when it is obvious to any independent-minded observer that the party is over but policymakers and the financial markets can't bring themselves to admit it. We hit this phase in spring 2007, when the received wisdom was that the crisis in the US sub-prime mortgage sector was a little localised difficulty that would be comfortably contained. There were no wider implications for the rest of the US economy, let alone the stability of the financial markets or the global economy as a whole.''
Posted by hpwatcher @ 08:13 AM (187 views) Add Comment
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