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Brown/darling Misjudgements Highlighted In Nao Report


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HOLA441

Peston's Picks

1) Treasury (ie. gordenron) didn't appreciate risks banks were taking with their wholesale lending arrangements.

2) Treasury (ie. darling) in autumn of 2007 didn't expect houses to fall more than a few% and didn't think there would be a recession.

3) Treasury & FSA didn't think 100%+ mortgages at top of a bubble were risky.

Journalists are finally cottoning on to what happened.

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