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It has been a full year now since the collapse of two Bear Stearns credit-focused hedge funds ushered in the modern era of low finance. Over the past 12 months, that once-great brokerage has fallen, a couple of managers have been indicted, and U.S. banks have seen at least half a trillion dollars in equity go up in smoke.
But all of that is just money and reputation. The real change is yet to come, as the anniversary of the biggest credit disaster of the past 50 years finds the Bush administration on the verge of throwing out decades of laissez-faire posture toward the finance community on the theory that a handful of bureaucrats in Washington know how to run world markets better than anyone.
But all of that is just money and reputation. The real change is yet to come, as the anniversary of the biggest credit disaster of the past 50 years finds the Bush administration on the verge of throwing out decades of laissez-faire posture toward the finance community on the theory that a handful of bureaucrats in Washington know how to run world markets better than anyone.
And you shall take possession of the land and settle in it, for I have given the land to you to possess it.
ESV Numbers 33:53