What led to the 2008 crash?

The following Part II a chapter of the highly-acclaimed Market Panic: Wild Gyrations, Risks and Opportunities in Stock Markets 0470824727, by Stephen Vines, who updated it in the wake of the 2008 economic crisis. Reprinted with the gracious permission of John Wiley & Sons (Asia) Pte Ltd. The book is available through all major bookstores, US$19.95. Part III will be available tomorrow.

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