Word: crediteers
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...Sweden's financial crisis in the early 1990s stemmed from a 1985 deregulation of credit markets, which set the stage for overexpansion and bubbles in the real estate and finance markets. When those bubbles burst in the early 1990s, Sweden's currency crumbled and interest rates spiked to 500% overnight. Of the country's seven biggest banks, five needed either government bailouts or big injections of money from shareholders. The value of the country's real estate market plunged 50-60% in 18 months. "The whole Swedish banking system was off-balance," Lundgren recalls...
...roots of the turmoil in the mortgage markets to the New Deal. “Many of the housing rules currently in place came from the New Deal,” he said. “At the time, officials were trying to figure out how best to make credit and liquidity available to the average American homebuyer.” Retsinas said that structural changes in the mortgage market during the 1990’s, along with low interest rates and a rise in immigration to the United States, led to overheating in the U.S. housing market, which ultimately...
...foreign governments and big bankers in his spare time, or that he has pictures of himself handling snakes decorating his office. The key reason he thinks he'll win this encounter with Congress is that this is one deal that really must get done. Last Thursday the great American credit panic of 2008 was on the verge of halting the country's financial circulatory system. Anyone with money to lend was hoarding it and big institutions were starting a run on the money market funds that hold the hard-earned savings of millions of Americans and support $1.7 trillion...
...still dangerous and Congress, which has been informally debating add-on provisions like equity stakes in the Wall Street firms and new limits on executive compensation, doesn't have all the time in the world to act. "These markets are still very fragile and the conditions in the credit markets are very tight," he says. Asked whether ongoing negotiations on the Hill could spook markets, he says, "That obviously impacts the market and the markets are watching what's going...
...think we're out of the woods in terms of the credit scare...