The degree of leverage now being reversed is staggering, and the underlying global imbalances – notably between the savers and the spenders – will require long and painful adjustment.
Vince Cable QuotesShowing all quotes
Investment banking has, in recent years, resembled a casino, and the massive scale of gambling losses has dragged down traditional business and retail lending activities as banks try to rebuild their balance sheets. This was one aspect of modern financial liberalisation that had dire consequences.
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