AS THE YEAR draws to a close to bite so the nightmare caused by the sub-prime crisis gets ever more scary. The post-summer rally following the Federal Reserve’s rate cuts is now a distant memory as the credit/liquidity crisis takes on yet more twists and turns. Banks have revealed more losses – largely a consequence of the rating agencies announcing fresh downgrades of asset-backed bonds and ABS CDOs, and from further deterioration in the market value of those securities.
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