Another Cold War Memory
Catnapping of Odd Neighbor Illustrations is another child of the Cold War and has a wonderful memory and some doggerel of an event from 46 years ago today.
October 22, 2008 2 Comments
The Cliffs Notes Version
The BBC’s Robert Peston has a nice simple explanation of what went wrong:
In a nutshell our banks and other financial institutions lent too much against the security of over-valued assets, largely residential housing and commercial property.
And to obtain the funds they lent to households and business, those same banks were too dependent on credit from wholesale and overseas sources (net wholesale funding of our banks went from zero in 2001 to £625bn by the end of 2007).
October 22, 2008 Comments Off on The Cliffs Notes Version
