business

Financial crisis 10 years later: who are the winners and losers?

Financial crisis 10 years later: who are the winners and losers?

The memory still haunts many.

Faced with an incredible debt of $ 619 billion, Lehman Brothers filed for bankruptcy on September 15, 2008.

The biggest failure in history was a decisive moment in a global financial crash that made its presence felt all over the world.

On that early autumn day we watched mesmerized as the company's ex-employees hurried from deceptively robust office buildings that crammed the thinnest cardboard boxes.

Few of us then realized that we were witnessing the epicenter of an economic earthquake whose rubble threatens to bury us a decade later.

As the tenth anniversary of that surreal day, experts in the financial and business sector have tried to grapple hard facts and objective measures with the subjective, politically and socially charged history of the past ten years.

"The financial crisis … was followed by the deepest recession in the United Kingdom, and much of the Western world, since World War II," notes Jonathan Cribb and Paul Johnson of the renowned think tank Institute for Fiscal Studies a study of the financial consequences so far.

"However, what was most remarkable about the crisis and the recession was not the original scale, but the persistence of its effects: we had become accustomed to the economy, and thus also to public finances and household incomes, and bounced back strongly after previous recessions, which did not happen this time. & # 39;

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