Credit Crunch!


No more free lunches: When I was a child, I always thought that if I wanted to make piles of money, then I’d become a banker. Or if I wanted to help people, I’d be a doctor. (Somehow I became a journalist, but I digress.)

In my childish perspective, banking seemed such a simple game: you took money from one person and paid them a small rate of interest; and then you lent the money on to someone else at a higher rate of interest. That was called a margin. And there was your profit. How could you

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