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Goals to Gold: Trading the football pitch for the financial markets by Lee Sandford

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Chapter Twenty: RBS

Banking crisis

THE FINANCIAL CRISIS of 2007-2008 that shook the world, the aftershocks of which are still reverberating today, is widely believed to have been kick-started, or at least hugely exacerbated, by the creation of the subprime mortgage market in the US.

What really differentiates this last crisis from the Great Depression precipitated by the Wall Street Crash of 1929 is that people really had no clue what was going on behind the scenes. With hindsight, it is easy to see how margin buying (people buying on credit) artificially inflated the US stock market in the 1920s, which led to the stock market bubble bursting.

To some extent that is what went on during the first decade of the 21st century too, although ...

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