Martin Gilbert: How to avoid a repeat of 2008

Talking to colleagues and clients while I was in the US last week, it is striking how far the country has come from the great financial crisis. From September 2008, when Lehman Brothers collapsed, through to the end of 2009, the US economy lost around $648bn due to slowing economic growth. Many people also lost their jobs, with the unemployment rate hitting 10% in 2010. By the time Lehman fell, it was clear something was very wrong in the global economy. The previous summer had seen credit markets seize up, and the repercussions of a collapsing US housing bubble were becoming clear. ...