The then chief executive of the US banking giant Citigroup was admitting that growing concerns about sub-prime loans could ultimately shatter what we now know was “irrational exuberance” on global financial markets.
“As long as the music is playing, though, you’ve got to get up and dance,” Prince continued. “And we’re still dancing.”
There’s a “we’re still dancing” mood on global markets today, just as there was six years ago in the run-up to what turned out to be the disastrous market meltdown of September 2008.
Rather than the securitisation of recklessly extended commercial credit providing the music, the beat now comes from “quantitative easing”, courtesy of the world’s leading central banks.