March 17, 2008
From exhilaration to despair in financial markets
Alan Greenspan, writing in Monday’s Financial Times, says that:
The current financial crisis in the US is likely to be judged in retrospect as the most wrenching since the end of the second world war.
With the fire-sale of Bear Stearns adding to turmoil in many credit markets, that judgement seems fair enough. It seems a long time ago - but was only about 18 months - that Wall Street executives would muse that business could not carry on being so good indefinitely. Indeed it could not.
