Latest articles from Fernando Scornick Gerstein

Blame property speculation, not bankers, for the crisis

July 7, 2009

The Bracken column is named after Brendan Bracken, the founding editor of The Banker in 1926 and chairman of the modern-day Financial Times from 1945 to 1958.
The consensus explanation for the global financial crisis is that reckless lending to high-risk borrowers in the US created the credit crunch. This personalises the crisis (bonus-driven behaviour) and simplifies the solution (more state regulation). But this diagnosis is false and the consequent remedy would not prevent the next property boom and bust.

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