The financial meltdown's unhappy anniversary
The financial meltdown’s unhappy anniversary
We’re about to mark the second anniversary of the financial meltdown. But don’t expect to see any clinking of champagne glasses, because except for a handful of prescient (or lucky) speculators, it’s been a ghastly two years. The nightmare started June 12, 2007, when news broke that two Bear Stearns hedge funds speculating in mortgage-backed securities were melting down. That was the precursor to the panics and collapses that have led to a worldwide recession and the fall of mighty institutions like Bear, AIG, Lehman Brothers, and Royal Bank of Scotland.
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