Bond Outlook [by bridport & cie, July 25th 2007]
Moody’s says that the credit rout gives “serious reasons to worry but does not pose a systemic threat”. The Fed’s W. Poole assures that “the impact of the sub-prime problems will be contained to the real estate markets and will not hurt the economy much”. |
We disagree. The financial system in the USA has failed and will need revamping, not least with regard to the operations of the rating agencies. |
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