Re: "Austerity" was begun in 2008 by Liarbour....nm Archived Message
Posted by Chris Rogers on August 30, 2019, 3:28 pm, in reply to "Re: "Austerity" was begun in 2008 by Liarbour....nm"
Mary, a strange question, but its a fact that the securitisation of mortgage debt obligations was developed here in the UK by two investment bankers, its also true that these securitised debt obligation became most popular under the auspices of Basel II as many came with a Triple A debt rating as issued by the three major ratings agencies - it became rather obtuse when they started mixing prime debt, with sub prime debt - the origins of the GFC goes back to 2006, however, the real danger was only apparent in the Summer of 2007 when numerous securities funds started imploding, and this resulted in a freezing of money market liquidity in early September following the demise of Lehman Brothers and consequent bank bailouts.
|
|