Lessons to learn from Northern Rock

The reaction of the financial markets to last week’s half-point cut in US interest rates led some observers to comment that the worst of the crisis was over.

22nd September, 2007

The reaction of the financial markets to last week’s half-point cut in US interest rates led some observers to comment that the worst of the crisis was over.

This was never likely, however, and while the rate cut has soothed some nerves, even Federal Reserve Board chairman Ben Bernanke conceded that worse may still be to come. Unfortunately, it is still not clear where the bad debts from the US subprime crisis lie...

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