How was it possible for problems in one relatively small sector in
the global financial system - the American sub-prime mortgage
market - to lead to the most serious economic crisis in living
memory? In this book, Alistair Milne untangles the complex world of
modern banking and examines solutions to the crisis. He shows how
the banks misused their ability to securitize loans and, by
borrowing short and lending long, exposed themselves to exceptional
risks when asset prices started to fall. But it has been above all
a collapse in trust and confidence, rather than poor lending
decisions, which has fuelled the crisis. Despite all the talk of
'toxic' assets, the book argues that most assets are sound and can
be repaid. The imperative is to restore confidence through
collective action involving asset purchases, guarantees and
recapitalization. Failure to do so will mean that taxpayers will be
carrying a crippling tax burden for generations to come.
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