"The market system itself had come undone. Banks couldn't borrow; investors wouldn't lend; companies could not refinance." ????? With these two sentences, we know the book is meant to mislead, misdirect and misinform. Banks couldn't borrow because interbank loans froze given that many banksters finally realized that hundreds of trillions of dollars of ultra-leveraged debt had been written agains minimal amounts of capital on hand, while many trillions, again perhaps hundreds of trillions in possible payouts, had been written in unregulated insurance, i.e., credit default swaps, especially nakded swaps or uncovered swaps. Lowenstein may be a Wall Street insider (?) but you won't find out any real information from this hack. [And no, a 3% mortgage foreclosure rate in America did not bring down the global economy.]
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