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Ruptures in the subprime market began to appear in 2007. Highly geared banks with vault-loads of securitized debt suddenly found themselves in serious trouble. As Lehman Brothers, IKB Deutsche Industriebank, Northern Rock and other banks across the globe faltered under their debt obligation, panic spread through the market. Banks stopped lending to each other, they stopped lending to other businesses and they stopped lending to consumers. The "Subprime crisis" had evolved into the "Credit crunch", which in turn evolved into the "global economic downturn" that eventually became the "global recession". To summarize the events in George W Bush's words: "Wall Street got drunk."
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