10 Years Gone

Then as it was exactly ten years ago today. The date was July 19, 2007, and the U.S. stock market closed at another new all-time high. The world was awash with liquidity, risk asset prices were steadily rising, and investor worries were few despite evidence of accumulating risks beneath the global financial system. What subsequently followed over the next 18 months was not only the reemergence of downside risk but the near collapse of the global financial system. Could such a fate possibly be again ten years on?

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