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And the real-estate crash will reverberate for years through municipal coffers as property assessments and collections catch up with the collapse in values.
The doors are reopening on the £35bn of investors' money locked in commercial property funds, after they were suspended in the wake of the Brexit vote when panicking investors feared a collapse in values.
The most obvious problem has been the jump in subprime mortgage defaults and the ensuing collapse in values of mortgage-backed bonds.
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The collapse in value of WorldCom's stock and bonds, meanwhile, continued to reverberate among investors.
The assets they buy look like a sure thing until the moment they collapse in value.
But even a more benign result, in which the dollar remains under pressure but does not collapse in value, could still leave Wall Street on edge.
Capello's unpaid wages have caused further problems for the RFU because of the recent collapse in value of the Russian currency.
However, the bank was facing a big overall loss in 1992, mainly because of the collapse in value of its huge loan and share portfolios.
Unlike Lehman Brothers, it was not the sort of firm that took on too much debt to buy assets that could later collapse in value.
THE NEWS Credit Suisse, a leading banking and brokerage house, said that instead of all-cash bonuses for its executives and traders this year, they would be paid partly with the "toxic" assets on the bank's books -- the troubled mortgage-backed securities and other instruments whose collapse in value has driven the financial crisis.
Meanwhile, some who monitor the film business have been struck by the way MGM's collapse in value has defied a long-standing bit of conventional wisdom: that studios, like sports teams, may lose money, but their owners ultimately do not.
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