Stock exchange crises can only repeat themselves

The stock exchanges were particularly shaken on March 17th, the day after the takeover of American merchant bank Bear Stearns. "From now on we are going to have to live with this fear and we are going to have to rationalise it. Global finance markets are panicked, anxious, and paranoid", considers Edouard Bolletier. "From now on, every day will have its share of bank rescues, of announcements of index, currency and share falls. Yesterday, an emblematic day, bad news from the United States shook-up the world stock exchange and the dollar in a few moments. This seems normal, when we learn a large bank has narrowly escaped bankruptcy. This seems wrong when a man distils lethal, gratuitous and vengeful statements. All on his own, Alan Greenspan, former president of the Federal Reserve got the  trauma of the 1929 crash to resurface [he predicted the worst financial crisis since World War Two]."

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