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Anxiety spreads fast

The credit crunch began three years ago on 9th August, 2007. Yes, the roots of the crisis go farther back, but that was the day greed turned to fear, the Minsky Moment when lenders sniffed the air and got scared. We are still feeling its impact.

US real estate prices had begun to fall in the last quarter of 2005. In December 2006, Goldman Sachs began to short the sub prime market. In July 2007 Bear Stearns shut down two dodgy hedge funds…

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