Some takeaways from the Global Financial Crisis of 2007
The bubble-and-crash cycle will play itself out again, for sure, but signs of the next recession still seem a way off.
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IT SEEMS momentous things happen in years ending in seven - well, at least in the last 50 years starting with the "Summer of Love" in 1967 and the introduction of the Chevrolet Camaro.
But after that, it was downhill with Elvis leaving the building in 1977, the 1987 share market crash, the Asian crisis of 1997 and the global financial crisis (GFC) that started in 2007. Lehman Brothers didn't go bankrupt until September 2008, but the GFC's initial tremors occurred in 2007. Financial markets really started to take notice in August of that year, with shares taking a big hit before rebounding to new highs for US and Australian shares in late 2007, ahead of a roughly 55 per cent decline into March 2009. This note looks at the main lessons for investors from the GFC and whether it can happen again.
What drove the GFC
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