Book contents
- Frontmatter
- Contents
- List of figures
- Introduction
- Acknowledgements
- Part 1 A dream of future wealth
- Part 2 The hidden art of management
- 13 The sweet spot
- 14 Elastic bands
- 15 An offer you can't refuse
- 16 The best of both worlds
- 17 Financial Perestroika on Interstate 95
- 18 Loads of money
- 19 Checkmate
- 20 Acts of God
- 21 Acts of men
- 22 Hubble, bubble, double-entry trouble
- 23 Credit crunch conclusion
- 24 Twenty-first-century accounting
- Appendix 1 Mathematical anchor
- Appendix 2 Getting to grips with cash
- Postscript
- Bibliography
- Index
23 - Credit crunch conclusion
from Part 2 - The hidden art of management
Published online by Cambridge University Press: 05 June 2014
- Frontmatter
- Contents
- List of figures
- Introduction
- Acknowledgements
- Part 1 A dream of future wealth
- Part 2 The hidden art of management
- 13 The sweet spot
- 14 Elastic bands
- 15 An offer you can't refuse
- 16 The best of both worlds
- 17 Financial Perestroika on Interstate 95
- 18 Loads of money
- 19 Checkmate
- 20 Acts of God
- 21 Acts of men
- 22 Hubble, bubble, double-entry trouble
- 23 Credit crunch conclusion
- 24 Twenty-first-century accounting
- Appendix 1 Mathematical anchor
- Appendix 2 Getting to grips with cash
- Postscript
- Bibliography
- Index
Summary
Financial Meltdown Worsens as Recession Hits Euro Zone
Washington Mutual became the latest victim of the US banking crisis
As US bank Washington Mutual goes belly-up, Ireland has become the first euro zone country to officially slide into recession. Laissez-faire is done with, said French and current EU President Nicolas Sarkozy.
DW-World, 26 September 2008As I look back a year or so to September 2008, the carcasses of the ‘credit crunch’ are conspicuous in the rear view mirror. Here are some notes that I made at the time.
It has been an extraordinary 12 months since businessmen and bankers returned from their summer holidays last year to find that all was not well with Western capitalism. As the crisis deepened over the following months, more and more of us have been asking ourselves how we got into this mess in the first place.
The collapse of Washington Mutual in the last 24 hours, the bankruptcy of Lehman Bros a few days previously, the acquisition of AIG by the US government, the failure of the venerable US institutions Freddie Mac and Fannie Mae, the mandated acquisition of HBOS by Lloyds TSB … Until recently this was the stuff of speculative fiction rather than business fact.
So how did it happen? Does the reason have anything to do with the subject matter of this book? And is there anything that we have now learnt from this material that can protect us against its fallout or repetition?
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- Financial Management for BusinessCracking the Hidden Code, pp. 164 - 172Publisher: Cambridge University PressPrint publication year: 2010