What are the likely long-term consequences for Australia of the recent global financial crisis? And what can we learn from this episode for the future? Colin Teese reports.We have all watched financial markets, worldwide, being disturbed by the collapse of a high-risk part of the US house-lending business – what the finance industry calls the “sub-prime” market.Effectively, this term describes housing loans made to house-buyers who haven’t really got the resources to buy houses. What happened wa…
