Three experts say the United States could be heading for economic turmoil again, 15 years after the financial crisis that rocked the country in 2008.
Sputnik. Global financier Lehman Brothers declared bankruptcy on Sept. 15, 2008, more than 150 years after its founding, becoming the first major U.S. victim of a subprime mortgage collapse.
The first warning of the credit crisis came a year ago from the management of Britain’s small regional mortgage bank Northern Rock, when it asked the Bank of England to support liquidity as it was over-leveraged.
Politicians and economists insisted at the time that the collapse of Northern Rock was an exceptional case and did not foreshadow the global crisis that hit the world, a year later.
Source: Sputnik
