The opinions expressed in this chapter are the authors’ own.
This is not an extensive treatment of the credit crunch but a summary of significant points.
A number of commentators have identified the origins of the credit crunch in market deregulation, too light or lax supervision of financial institutions fostering huge competition, cheap money, over-exposure to poorly understood and inaccurately rated structured products and a bonus culture linked to them.
The credit crunch has been the defining event of our times since 9/11. It is not one event but many interconnected ones ...