“The cause of ‘the crisis’ was low interest rates and easy credit for years, encouraging excess leverage to fund things that didn’t warrant funding, all in the absence of appropriate regulation. Financial engineering disguised the extent of leverage and interconnectedness problems through off-balance-sheet vehicles and innovative derivatives.”
This is certainly a description of the global financial crisis (GFC). But future writers on the hyperscaler-driven AI boom may well come up with similar words.
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