That’s one of the reasonings in a Guardian article today entitled ‘Toxic Shock: how the banking industry created a global crisis’. With policymakers unsure about what to do, many regulators are starting to get tougher with their requirements, which will make credit less abundant. As much as $1 Trillion dollars could have been lost in the crisis, and that number could rise. In the short term, it’s likely to lead to difficulties in loans. In the longer term, reregulation and tighter lending standards will change the shape of the world economy.
That’s not to say the economy is totally without worth at the moment. Wired’s latest issue has a series of 9 articles on positive business trends in 2008, including open source software and ‘Instapreneurs’ that make their products with virtually no lead time in a manner very much like in Futurismic’s April short story, ‘Mallory’ by Leonard Richardson.