John Smith’s Credit Crunch Diaries 2008 – 2010
When on 15 September 2008 the news broke that Lehman Brothers had filed for the largest Chapter 11 bankruptcy in US history I knew that financial war had been declared. Although I had no idea what the full consequences might be I had a greedy need to learn and a gut feel that only by recording the most salient events to come would this need be assuaged. For a full year from October 2008, I assiduously logged events until QE, T1 ratio, monetary and fiscal stimulus and those funny packaged debts mingled with the cornflakes for breakfast.
Quantitative Wheezing tells the story of how this crisis year unfolded. It objectively and in plain English shows how we were all taken for a ride by a load of greedy people whose legacy to our grandchildren will be no less destructive than the events of 1939 and the years that followed.
Author’s note on contents
The core content of this book covers events between October 2008 and September 2009. This was the year when the financial credit crisis hit the economic world. At the start, I would write daily by selecting and commenting on world news as it broke.
My two guiding principles were :-
• To wait for actual events rather than report on prognostications
• To keep to the macro scene unless micro occurrences were too tempting to miss.
As the credit saga unfolded, I tried to diary aspects less often but still capturing the vital and most interesting economic/financial affairs. In the event, the credit crisis did not end in September 2009. As a result, my diary rumbled on and in fact still does. But, any account has to end some place and in this case I chose March 2010.
Quantitative Wheezing is intended as a work of reference – dig into it at any point you wish. Hopefully the month and date heading and also the “also this month” tag will help.
Published 14 December 2010
Perfect-bound Paperback (Ebook versions available)
Jgs November 2010