As property increased in value people borrowed against it, when repayments were not met and debts were called in the whole house of cards collapsed.

How come these British banks also collapsed then? I thought maybe these USA banks had gone around the world asking people (who are paid a fortune for expertise apparently, an expertise which they clearly do not have) to buy this heap of junk.

Still Teribus it must be nice for the bankers to know you are on their side. You on big bonuses too?