Just when the credit crisis seems to calm down, it roars back with greater ferocity, bringing ever bigger institutions to their knees. Where is the crisis heading? How bad could it get?
Banking Crisis
Past Crises Suggest More Waves of Pain
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Judging by the US, the worst may be yet to come
More generally, Lombard Street Research reports that total US bank credit in the 13 weeks to mid-June fell by an annualised 9 per cent. That is the worst since records began in 1973 or, in effect, since the Great Depression...
