bankogenic recession

A bankogenic recession is a recession caused by bankers being reckless and making mistakes.

The phrase was first coined by London Mayor Boris Johnson in an interview with The Times newspaper (UK) on 6th December 2008.

In The Times inteview Boris Johnson said. “I’m a friend of the bankers but do not forget this is a bankogenic recession. It wasn’t produced by some oil shock, it was produced by a crisis in the financial services industry.”

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