A pair of bankruptcies highlight the risksIllustration: Álvaro Bernis Oct 2nd 2025|New York|4 min readMention 2007 to a group of professional investors, and watch them bristle. The year was a bad one. It marked the end of the great moderation—a long period of low inflation and steady economic growth that began in the 1980s—and the start of strains in credit markets which became the global financial crisis.Explore moreFinance & economicsFinanceThe Economist todayHandpicked stories, in your inboxA...