The ”American dream” of unashamed wealth and the opportunity for all to acquire it has reached a crisis point before: in the Depression, the oil shock, in the ”greed is good” Eighties and the madness of the dotcom bubble. But America’s relationship with wealth — uncomfortable as it has sometimes been — has always been built on the same foundation.
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/ 5 November 2007
Fear and mistrust gripped Wall Street on Monday after Citigroup’s CEO quit in the wake of mounting credit losses and an influential money manager called the subprime mortgage market a ”-trillion problem”. US stocks followed European shares lower, while safe-haven bonds rallied and even the downtrodden dollar ticked up.