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Here We Go Again; Echoes of 2008
Article from Bulletin/Magazine
The Economist (http://search.proquest.com/) vol. 400 no. 8754 (Oct. 2011)
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Lihat Detail Induk
You know something bad is going to happen in a horror film when someone decides to take a late-night stroll in a forest. The equivalent in finance is a bank boss insisting that his institution is completely solid. European bankers have been saying things are fine for weeks now, even as their exposure to indebted euro-zone countries strangles their access to funding. The amount of money parked at the European Central Bank (ECB) has risen to 15-month highs as banks hold back from lending to each other. Fears of contagion from Europe have now infected America. Banks there led the S&P500 into official bear-market territory this week, as the index briefly dipped more than 20% below a high set in April. The chief executive of one embattled institution, Morgan Stanley, sent a memo to employees reassuring them that the bank's balance-sheet was dramatically stronger than it was in 2008, when Lehman Brothers collapsed. Europe is not the only problem facing Western banks, of course. A long list of woes also includes anaemic economic growth, piles of new regulation and waves of litigation related to America's housing bust.
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