Higher rates, tighter lending and falling house prices are a flashing red signal of increased stress in the $1.6tn market

In 2007, Chuck Prince, the soon to be former boss of the huge American bank Citigroup, famously dismissed concerns about a looming credit crunch and committed himself to continued deal-making by bullishly declaring: “As long as the music is playing, you’ve got to get up and dance.”

Related: Number of Australians living below poverty line has not declined since 1980s

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Read More Mortgage hikes show the dancing is nearly over at Australia’s credit party

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