The American sub-prime market was generally people in the American working and middle classes.

The success stories have been even more striking in other sub-prime markets.

First Union closed the company two years later, at a loss of $1.7 billion, as a result of a shakeout in the sub-prime market.

It's often been said by apologists that Matt Ridley's Northern Rock wasn't involved in the sub-prime market.

Lloyd Blankfein and the firm's other senior executives were perfectly happy to play the sub-prime market for all it was worth.

Peel also believed that pawnbrokers are benefiting from banks exiting the sub-prime market, leaving a "£30bn hole in the non-standard credit sector".

The events that took place in August in the sub-prime market highlighted a number of issues for all of us.

These securities, backed by the sub-prime market, were bought on a massive scale by hedge funds mostly domiciled in tax havens, which are exempt from any regulation.

The banks, however, became overextended and lent money to people with dubious credit records and ratings - the sub-prime market - and the party roars on.

Also, remember that we're not talking about reputable prime lenders here but those companies that sit quite firmly in the sub-prime market.