In the immortal words of the narrator in the British comedy classic Withnail and I: “Even a stopped clock tells the right time twice a day.” Market commentators should have that maxim tattooed on to their foreheads, lest they get carried away by their successful crystal-ball-gazing. With that caveat duly out of the way, prepare for a boast or two.
This time last year this column predicted that during 2007 the debt binge and the boom in ever more complex structured credit would both come to a sticky end.
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