SMH - Crunch we had to have

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SMH - Crunch we had to haveCrunch we had to have
David Potts
August 5, 2007OFTEN a market meltdown has little to do with what were the jitters du jour.To this day, for example, nobody can point a finger at just why the sharemarket decided to have its biggest single-day slump back in October 1987, only that it was a bubble waiting to burst.And so it is with the US-induced global credit crunch that's put the wind up sharemarkets. The sub-prime disaster, where borrowers got loans they couldn't afford to repay, has been the first symptom of what's gone wrong, but it may not prove the real problem.Rather, there was a hint of it last week when a respectable US lender said some of its good customers were having trouble meeting their debt repayments. That's where the alarm bells should be ringing: if we've moved from a sub-prime to a prime disaster in the US, then the worst is still to come.That's because mainstream borrowers who took out their mortgages when interest rates were at the ludicro

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