Alarm Bells

Posted by On 6:40 PM

Alarm Bells

This week is the tenth anniversary of the collapse of Lehman Brothers, the New York investment bank, a cataclysmic event that created the worst global financial crisis since the Great Depression of the 1930s.

Banks around the world failed, creating a steep recession. Millions of jobs were lost. Greece collapsed, and governments were forced into austerity, cutting public spending and investment in response to falling tax revenue.

The economy and society of Ireland were among those worst affected by the cascade, but the damage caused by a global event was exacerbated by policy failures at home. After a 15-year period of economic expansion known as the Celtic Tiger, an unsustainable credit bubble had been created to finance a debt-fuelled construction boom that accounted for an…

Source: Google News Ireland | Netizen 24 Ireland

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