Finance for Development
Sub-prime people
Submitted by David Ransom on March 18, 2008 - 2:40pm.
What turns a credit crunch into a financial crisis? One reliable sign is when people who have always advocated privatization, free markets and deregulation start demanding - without apology - government intervention, hand-outs, even 'nationalization'. People like themselves, they say, are not to be trusted with money, so they won't lend it to each other. Government must do it instead. Besides, it's so fiendishly complex that there's a good chance no-one else will have a clue what's going on. Read more »
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