Credit Crunch

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Scary times: In these remarkable times, when the future seems too uncertain even to contemplate, thoughts often turn to the past. Was it ever like this before?

As I sit down to write this piece, at the end of October, three credits dominate the headlines: Ford, General Motors and ABB.

The first thing you notice is not just what the headlines are, but where they are. Until this watershed year – 2002 – stories about the debt markets were confined largely to the trade press or tucked away in the hard

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