I am told that 75% of City traders hadn’t even started in the world of work at the time of the LTCM crisis (less than ten years ago in 1998). I don’t know if this is true or not, but it does put this (real, and not said ironically) quote from the senior swaps trader at a top 5 investment bank into perspective:
“In the 3 1/2 years I’ve been trading these markets, I’ve never seen it so bad”.
Ho hum. Elsewhere, it appears the US mortgage market is not completely closed for business, and a few other lenders could probably take some marketing lessons from Ric Flair Finance.