In recent days, several executives have privately warned me that they think this financial crisis will not go away, having grown out of more than a decade of irresponsible lending. They fear dire consequences for the broader economy.
One senior director at a FTSE bank actually wagered that, at some point over the next three years, UK house prices will have fallen by 50% from the level they are at now.
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Monday, 24 September 2007
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