The Alchemists.

Auszug aus Neil Irwin’s The Alchemists: Inside the Secret World of Central Bankers:

A metaphor in wide circulation in the fall of 2008 was of dominoes: One investment bank falls, knocking over an insurance company, knocking over a commercial bank, and so on. But, as Bush adviser Edward P. Lazear would argue later, a more apt comparison was with popcorn. Rather than one failure predictably following another, they happened non-sequentially, as if the financial firms were all kernels of popcorn in a pan. There was one common source of heat: the realization that losses on a wide range of securities – morgtages at first, but ultimately lots of other kinds of lending – were going to be far greater than anyone had imagined possible. The kernels don’t pop at the same time; some don’t pop at all. But they were all exposed to heat. The great struggle for the wolrd’s central bankers in the days after AIG was to find a way to turn off the stove.

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