Could the 2008 Crash Have Been Prevented?
MortgageOrb Person of the Week: Robert Stowe England Phil Hall of MortgageOrb writes December 13, 2011: It has been more than three years since the September 2008 financial crisis, and many people are still trying to piece together what went so horribly wrong. Veteran financial journalist Robert Stowe England has offered his insight on what happened with his new book, " Black Box Casino: How Wall Street's Risky Shadow Banking Crashed Global Finance" (published by Praeger). MortgageOrb spoke with England about the circumstances that triggered the economic catastrophe. Q: Was it possible that the 2008 financial crash could have been avoided? Or was this the financial services equivalent of a runaway train? England: Both statements are true to some degree. There were so many vulnerabilities building up in the global financial system, it had, indeed, become a runaway train, while most did not yet realize that. Combine that with an ever-rising level of hidden bad credits and h...