Come Out and Play
A year on from the collapse of Lehman Bros, and two years on from evaporation of the securitisation market, it is clear that we have lived through the worst global financial market crash in history. Neither the 2000 “dot.com” crash; nor the intermittent emerging market crises of the 1980s and 1990s; nor even the 1929 Wall Street Crash came close to the global, synchronised seizure of the capital markets that have been a feature of recent times. Former investment bankers now find themselves working as de factocivil servants, large swathes of the retail banking system exist by government fiat, and the stars of the boom years are mired in legacy issues.
The good — and, perhaps, surprising — news is that we are not, however, living through the worst economic crisis in history. After the collapse of Lehman Bros, it felt like there was a very real risk that the world