Peter Freaking Costello in 2007
"I think the fall-out from the US sub-prime market has a considerable way to go. It is not yet entirely clear who is holding all of the risk on these defaults. There will be different financial institutions around the world which will identify losses and in the interim financial institutions as between themselves are restricting credit or driving the price up. That is going to put a lot of pressure on the international economy. It is possible if this continues in the United States that it will work its way out into the real economy. The US economy may well turn down."
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