Chronicle of a Disaster Foretold

Zedillo, Ernesto
October 2008
Forbes Asia;10/27/2008, Vol. 4 Issue 18, p16
The author presents his views on how the financial crisis took place in the U.S. The author says that greed of banks and other financial intermediaries for attractive returns led them to provide loans to subprime borrowers. At the same time monetary authorities also adopted a complacent attitude towards the economic environment. All these events triggered financial crisis, stock markets crashes, default of subprime borrowers and pullout of investors from volatile stock markets.


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