Following a powerful financial market recovery, it is tempting to assume that we have seen the best of the rally. A popular school of thought holds that the expiry of the extraordinary stimulus programmes will see economic growth and asset prices flop lower once again.
Such concerns are misplaced, tending to confuse a financial panic with a structural economic problem.
To illustrate this point, let us consider the financial aspects of the crisis. A significant portion of the problem was caused by a flight from risk, sparked by fears over the dimensions of losses from bad lending.
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