The parallels with 1929 are growing. The equity bear market has lasted longer than any other since the Great Crash. Wall Street banks are under fire for conflicts of interest and questionable practices. And short-sellers are in the dock again, with long-only funds blaming them for exacerbating market falls and demanding regulatory action.
This time the hedge funds, always the scapegoats whenever markets fall but never when they rise, are bearing the brunt. This has happened after every recent market correction – most recently after September 11.
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