There were many reasons for the 2008 financial crisis. Blame is often laid at the door of the subprime crises in the USA. But look deeper and some point to Bill Clinton repealing the Glass Steagal Act, which in turn, it is suggested, was a response to a lack of ...
Such reductionism isn’t always helpful, even if it is understandable when the human mind craves to impose a narrative on chaotic events and legions of commentators justify their existence on posthoc rationalisation.
The simple truth is the entire edifice fell down on a lack of trust.
What actually makes up the alphabet soup of crap we have created, traded and now own? CMBS (commercial mortgage-backed security), CDOs (collateralised debt obligations), RMBS (residential mortgage-backed securities)… what the hell is it all worth? The answer turned out to be not a lot.
It is not stretching the point too far to say we are in a similar crisis of faith and trust in the retail property industry.
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