David Bowie is to blame. A top British economist says so.
One of Britain's leading economic pundits asks: Is David Bowie to blame for the credit crunch? | Mail OnlineHe produced some bits of paper - Bowie Bonds - and said: 'Whoever buys these gets my royalties.'
It meant he no longer had the money coming in but instead had a lot up front. His investors were guaranteed a decent income. It was a good deal all round.
And the banks were catching on to the idea. They thought: 'We have billions out there in mortgages which are going to pay us back very slowly. Why don't we sell those and get the money now?'
So the banks started doing what Bowie had done - in a big way.
So there's one more person to blame.