One bad year

2008 Review

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Few traders will be sorry to see the back of 2008. At the turn of the year, the effects of the financial crisis were still more or less restricted to a small part of the US mortgage market, along with structured credit investors. As the year draws to a close, the crisis has snowballed to gargantuan proportions, decimating all asset classes and leaving two major broker-dealers - Bear Stearns and Lehman Brothers - dead in its wake.

Confidence in bank counterparties has vanished, liquidity has

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