Why has the crisis been such a slog? Look at the iPhone in your pocket – Telegraph.co.uk

Almost exactly 10 years ago, two things happened that changed everything. If you were a technology geek in June 2007, you were probably excited about the new touch-screen camera-phone-emailer device from Apple.

If you had an unhealthy interest in the minutiae of US financial services, you might have noticed that Bear Stearns had just injected $3bn into one of its troubled hedge funds. Far more likely, both of these events passed you by. At the time of the Bear Stearns fund rescue on June 22 and those first sales of the iPhone a week later, I was getting ready to enjoy a nice holiday in America.

On the back of a $2 pound, I was looking forward to what would feel like a permanent half-price sale in New England’s restaurants and shops. Sat on the business desk of this newspaper, I had naturally heard some rumblings about problems in the US mortgage market but, like everyone else, I was blissfully…

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