Edited by John Raymond LaBrosse, Rodrigo Olivares-Caminal and Dalvinder Singh
Preface: It Has Been ‘A Hard Day’s Night’
Preface It has been ‘A Hard Day’s Night’* John Raymond LaBrosse, Rodrigo Olivares-Caminal and Dalvinder Singh The sub-title to this part of the book could have been – What have we learned since the demise of Lehman Brothers? The question, however, could not actually have been that short as we would have needed to add something about the number of investment banks that had to convert to become US holding companies, the re-nationalization of Fannie Mae and Freddie Mac, the death and then resurrection of AIG, the collapse of the Icelandic banking system, the overhauls of financial regulation in the UK, US and much of Europe, the Greek debt tragedy, and of course, we would need to list the extraordinary measures that governments took around the world to prop up their banking systems through explicit guarantees that contributed to the ballooning of government fiscal deficits. Instead, we think that The Beatles’ 1964 tune A Hard Day’s Night is more appropriate. While some of us might remember the lyrics better than others, the words go a long way in describing the recent global financial crisis. For some, people have been ‘. . . working like a dog’, or not working at all, trying to save their homes from a short sale or foreclosure. For others, they are finally seeing conditions in financial markets improving as low interest rates and quantitative easing are helping to boost the real economy and improving bank profitability; leading managers and traders to long for a return to large bonuses and...