Bond Outlook [by bridport & cie, October 31st 2007]
Normally in our Weekly we follow the step-by-step developments of the US economy and its impact on the rest of the world. We identified the sub-prime problem very early this year, specifically when HSBC was the first bank to reveal losses related to sub-prime, and we reasoned that US household spending had to decline if consumers could no longer finance their excess spending by mortgage equity withdrawal. |
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