- ‘cheap’ money due to low interest rates for super-charged short-term gains in private equity buy-outs
- Fiscal concessions to the City: ‘taper relief’ (1998) and reductions in waiting perdiods
- Systematic manipulation of complex derivatives
- The unravelling of the sub-prime housing market in the US
- The failure of regulation.
Michael Meacher MP goes far in his descriptions:
- breakdown potpourri
- collapse of accountability in financial markets
- political legitimacy of modern finance capitalism
- re-regulation is necessary
- the banks have failed the public interest so badly
- they privatise their gains and socialise their losses
- insider enrichment
- systemic fragility.