Few capital markets participants will be sorry to see the back of 2002. Fear dominated the year: fear of more terrorist attacks, fear of the consequences of a war against Iraq, fear of more corporate scandals, fear of losing yet more money, fear of losing one’s job, fear of going to jail.
And by the end of the year, another fear had taken hold of financial policymakers, a fear that will dominate the markets for months to come.
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