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By John Plender
Published: January 26 2011 20:31 | Last updated: January 26 2011 20:31
Back in the 1970s, the British property boom and bust exposed over-borrowing, over-building and dubious dealing on a scale that threatened to bring down the UK banking system. In the American savings and loan crisis of the 1980s, the dealings were even more dubious and the property borrowings far greater; the cost to the US taxpayer ran to more than $100bn.
The latest crisis, for all the complexity of the instruments involved, is more of the same "“ simply the biggest in a long line of property-related banking crises. It shows once again that land, bricks and mortar are the Achilles heel of the financial system.
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