What’s in a Number?
Donald MacKenzie: The $300 Trillion Question, 25 September 2008
“... have to pay out more, while its revenue from its fixed-rate mortgages stays the same. (As rates rose sharply in the 1980s, almost all the savings and loan associations in the US – the equivalent of the UK’s building societies – were caught out in this way. The resulting crisis, a precursor of today’s credit crunch, pushed more than 700 savings and ... ”