A Dozen Years Later — Meltdown ‘Most-Rapid and Domino-Like’
Tomorrow will be the 12th anniversary of the Great Recession’s fiscal origin moment: ‘On June 22, 2007, Bear Stearns pledged a collateralized loan of up to $3.2 billion to “bail out” one of its funds, the Bear Stearns High-Grade Structured Credit Fund, while negotiating with other banks to loan money against collateral to another fund,…