Safe as houses - part 3

Taxpayer beware

One year old One year old
There's blossom on the trees so Spring is here. Soon the sub-prime crisis will be one year old, an ideal time for the last of the three part postings on the sub-prime/Northern Rock saga and, as before, it is also in date order. And what a year it has been. As pointed out in the first post on this subject:Safe as houses - part 1- In the beginning the origins for all of this lay far away in the South and mid-West of the USA. Here in spirit sub-prime was born and raised, or was it? Perhaps the desire to have more in general and, in particular, to own property at any cost is more global in nature and not just part of the American dream. But it was in the US that the flaws in this desire gave way to pressures impossible to contain, so cracks began to appear.

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