Money managers under the microscope
A “remote, silent whirlwind”?
We may have just lived through the biggest financial crisis in 80 years, but its impact may still not have been big enough for people to learn the right lessons for next time.
Philip Wood, special global counsel at Allen & Overy, told today’s Reuters Restructuring Summit in London’s Canary Wharf that the effects on the Western world’s populace of the credit crisis, while large, have simply not reached the proportions of 80 years ago.
“Do people remember (the lessons from a crisis)? Sometimes they do.”
“German inflation of the 1920s still casts a shadow over the German folk memory,” he added.
“(But) I’m not too sure people will remember much about this one. Apart from a few unpopular people losing their jobs, it’s not hit the population in the same way the Great Depression has, where people were hungry… it was catastrophic.
“We’ve lost a year’s GDP, but for most people it’s been a remote, silent whirlwind.”