The pride of our financial sector on the brink of collapse and requiring state intervention; businesses grinding to a halt as banks refuse to lend; equity, bond and property values all significantly down; unemployment rising and retailers resorting to pre-Christmas sales. As Former Federal Reserve chairman Alan Greenspan (the man many believe is at least partly responsible for the financial crisis), commented, the current turmoil in the global financial markets is a "once in a century credit tsunami".
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