PB Week: The crunch in New York
The silly season is officially here and there is one story dominating the news: the credit crunch, the impending recession, rising unemployment, little room to manoeuvre for the Bank of England on interest rates, falling house prices etc, writes Andrew Tjaardstra, editor of Professional Broking. We have already heard every angle, and yet the real pain hasn’t even started yet, or at least that is what we are told.
New York
I was in New York only a few weeks ago and the gloom was mounting as The Wall Street Journal and New York Times dissected the impact of the crunch. Clearly herd behaviour has driven much of the losses with only Goldman Sachs out of the US giants having bet the right way on mortgage backed securities. I was wondering if there would be any “on the street” sign of the credit turmoil in New York, but everything seemed to be business as usual, suggesting that either everybody was in denial
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