Afterword
Credit crunch – the new known known of financial markets
LIVING IN THE AGE OF KALI…
Inflection points in financial markets are difficult to identify. As Yogi Berra advised: ‘Predictions are difficult, especially about the future.’
In Indian mythology, we are in the Age of Kali – the last age. The world ends when Kali dances the dance of death. There are no such clear markers in markets. In August 2007, we came close – Jim Cramer, a CNBC pundit, launched a ‘We’re in Armageddon’ tirade on air. Samuel Molinaro, the embattled CFO of soon to be defunct Bear Stearns, pleaded: ‘I’ve been out here for 22 years, and this is as bad as I’ve seen it in the fixed-income markets.’
Kali had begun her dance. The credit bubble had begun to deflate. ...
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