7/30/2019 Lessons Offered but Not Learned by the Financial Crisis

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"Kioissgtnm~. Migtkih

Ghhtiss d~ @GAI_ B+ OGTT- Omlsnke xbi

Tgongm Uigmxb Egv Jimmlu- Nksnebx Oikxit lt

Olaayknx~ Iolklano Hizimlvaikx

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878 Nkzisx nk Xtgksvltxgxnlk0 Nkzisx nkxbi Jyxyti

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Ghhtiss d~ @YMNG ENMMGTH- Vtnai Anknsxit-

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7/30/2019 Lessons Offered but Not Learned by the Financial Crisis

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Ellh altknke- N ga blkltih xl svigc unxb ~ly xlhg~tiegthnke xbi olkxnkynke obgmmikeis goih d~ xbiY+_+ blysnke agtcix gkh- nk vgtxnoymgt- xbi hnsvtlvlt!xnlkgxi navgoxs l xbi ltiomlsyti otnsns lk olaayknxnisl olmlt+ A~ tiagtcs xbns altknke gti dgsih lk gk gtxnomiunxb xbi sgai xnxmi N olgyxbltih unxb Eiltei AgslkYknzitsnx~ gssnsxgkx vtlisslt Cgxtnk D+ Gkgocit+ Xbgxalti irxiksnzi vgvit unmm di vydmnsbih nk xbi dllc di!nke hizimlvih xl goolavgk~ xbns olkitikoi xnxmih JtlaJltiomlsyti xl Jgnt Mikhnke ihnxih d~ Etielt~ _wyntis

gkh Obisxit Bgtxagk+_nr ~igts nkxl xbi ltiomlsyti otnsns gkh kigtm~ lyt

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Goolthnke xl xbi tigm isxgxi hgxg ta Tigmx~Xtgo-alti xbgk 77 anmmnlk ltiomlsyti klxnois bgzi diikmih snkoi 4665- unxb alti xbgk lki anmmnlk nssyihhytnke xbi tsx!bgm l xbns ~igt3

Jymm~ 7? anmmnlk ultcits tiagnk ykiavml~ih unxb

alti xbgk 86 vitoikx lyx l xblsi ultcits lyx l g`ld lt alti xbgk snr alkxbs3 gkh

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ix- nk svnxi l xbi mnkeitnke iolklano gmmlyx gkh ag`ltobgmmikeis gbigh- kl ag`lt vydmno vlmno~ nkxitzikxnlks gti

dinke hidgxih d~ Olketiss xl `yavsxgtx xbi iolkla~ gkheix xbi kgxnlk dgoc xl ultc+ Nk gox- xbi lvvlsnxi ns bgv!viknke3 Olketiss ns mlocih nk g vlmnxnogm sxgmiagxi unxb xbiJihitgm dyheix bighnke lt g sogm omn n+i+- xbi vlxikxngmlt (:66 dnmmnlk l gyxlagxno dyheix tihyoxnlks xbgx olymhogxgvymx xbi Y+_+ iolkla~ dgoc nkxl tioissnlk n g ultc!gdmi olavtlansi hionx tihyoxnlk vmgk ns klx tigobih d~~igt!ikh+ Alti hnsxytdnke ns xbi gox xbgx xbi Gaitnogkvydmno ns klx hiagkhnke goxnlk+

Xl xbi irxikx onxnpiks gti hiagkhnke obgkei- agk~ gtidinke nkjyikoih d~ uimm!ykhih gkh slvbnsxnogxih vlmnxn!ogm aissgenke xbgx ikolytgeis xbia xl hiagkh vlmno~nkxitzikxnlks xbgx goxygmm~ ultc olykxit xl xbint luk disx

nkxitisxs+ Xbi aihng bgzi diik nkykhgxih unxb aissgenkehntioxm~ nkxikhih xl hijiox gxxikxnlk tla xbi tigm ogysisl xbi otnsns nk lthit xl gzlnh blmhnke nksxnxyxnlks gkhnkhnznhygms goolykxgdmi+ Ghhnxnlkgmm~- xbisi aissgeis gtihisnekih xl gzlnh xbi navlsnxnlk l gvvtlvtngxi tieymgxlt~lzitsnebx gs uimm gs vg~aikx l olaviksgxnlk xl xbi anm!mnlks l irvmlnxih znoxnas+

Xbns oladnkgxnlk l mgoc l goxnlk d~ kgxnlkgm vlmno~agcits gkh mgteim~ hnsikegeih lt olykxit!vtlhyoxnzi go!xnlk d~ xbi Gaitnogk vydmno xlugth xbi otnxnogm obgmmikeis

gonke xbi kgxnlk gti mighnke Gaitnog hluk g hgkeitlysvgxb+ N unmm tizniu dtnij~ zi misslks N xbnkc sblymh bgzidiik omigt gs g tisymx l xbi tioikx kigt xlxgm olmmgvsi l xbiblysnke gkh kgkongm agtcixs- dyx bgzi klx ~ix "kioissgt!nm~. diik migtkih0

7+ Agtcixs gti klx sim!tieymgxnke+4+ Jnkgkongm irvmlnxgxnlk ugs ykhgaikxgmm~ gx xbi

olti l xbi ltiomlsyti otnsns+?+ Nkiwygmnx~ bgs sneknogkxm~ ultsikih snkoi xbi

Etigx Tioissnlk gkh ns htnzik gs ayob d~ vydmnovlmno~ gs d~ agtcix ltois+

8+ G tldysx blysnke agtcix ns issikxngm xl g sxtlke gkhsysxgnkgdmi tiolzit~+

9+ Xbi sxtyeemnke Y+_+ iolkla~ unmm klx sim!olttiox+

7+ Agtcixs gti klx simj!tieymgxnke

Vitbgvs xbi alsx vluitym ikhltsiaikx l xbi kiih ltagtcix tieymgxnlk ugs xbi gox xbgx nk 4662- xbi JihitgmTisitzi nssyih tiznsih altxegei mikhnke tieymgxnlks xbgx-nk vgtx- vtlbndnxih kgkongm nksxnxyxnlks tla ltnenkgx!nke mlgks xbi~ cklu ogkklx di tivgnh+ Xbi kiih lt gkhikgoxaikx l xbgx snkemi tieymgxnlk sblymh bgzi hialk!

sxtgxih vluitymm~ lt gk~lki nkxitisxih blu gt l xtgoclyt kgkongm s~sxia bgh ziitih gkh blu nkghiwygxi lytkgkongm tieymgxlt~ lzitsnebx bgh diolai+ Gkh- xbi goxxbgx xbi tieymgxnlk ugs kiihih sblymh gmsl bgzi vyx xl tisxgk~ nhigmnsxno gkh klksiksnogm klxnlks gdlyx Ghga _anxbsnkznsndmi bgkh l tii!agtcix sim!tieymgxnlk+ Xbi tioikxkgkongm otnsns hialksxtgxih xbgx mix yktieymgxih- ola!vgknis unmm lxik olavixi unxb lki gklxbit xl xbi vlnkx lsim!hisxtyoxnlk+

Mighnke yv xl xbi blysnke otnsns- mikhits bgh vitioxihg s~sxia l ltnenkgxnke mlgks xbgx uiti hisnekih xl xtneeitykglthgdmi mlgk vg~aikxs gxit lkm~ g iu ~igts l xbiltnenkgm mlgks omlsnke+ Xbi slmi vytvlsi l goxnlk ugs

Misslks Ljjitih Dyx Klx "Kioissgtnm~. Migtkih JTLA XBI OLMMGV_I LJ XBI BLY_NKE AGTCIX GKH KIGT NAVML_NLK LJ XBI Y+_+ JNKGKONGM _^_XIA

Ghhtiss d~ @GAI_ B+ OGTT- Omlsnke xbi Tgongm Uigmxb Egv Jimmlu- Nksnebx Oikxit lt Olaayknx~ Iolklano Hizimlvaikx

Himnzitih gx xbi @lbk Agtsbgmm Mgu _obllm- Obnogel- Nmm+- _ivx+ 5- 4674

7/30/2019 Lessons Offered but Not Learned by the Financial Crisis

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Z_LXH+OLA

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xl ltoi dlttluits dgoc xl xbi xgdmi lt g kiu mlgk gkholmmioxnlk l ghhnxnlkgm gdysnzi mlgk iis+ Tnsnke blaivtnois bimvih xbns vtloiss d~ gmmlunke mikhits xl xgv xbidlttluits gooyaymgxih blai iwynx~ xl vg~ xbi iis gkhnk issikoi- otigxi g vitvixygm tikgkonke sobiai+ Bgtzgth

Yknzitsnx~ mgu vtlisslt gkh Agssgobysixxs _ikgxltngmogkhnhgxi Imnpgdixb Ugttik hyddih xbisi klxltnlys mlgksirvmlhnke altxegeis+

L olytsi- d~ 4662- xbi otnsns ugs gmtigh~ uimm ykhit!ug~ gkh xblsi tgyhymikx irvmlhnke mlgks uiti kl mlkeitdinke litih !! diogysi izit~ ag`lt sydvtnai mikhit bghgmtigh~ gnmih lt ugs nk xbi vtloiss l omlsnke nxs hllts+Nkxitisxnkem~- ubnmi sxnmm nk xbi hivxbs l xbi kgkongmotnsns "nk Gvtnm 466>.- Elmhagk _gobs obgntagk- Mml~hDmgkcink- sxgxih xbgx sim!tieymgxnlk bgs nxs mnanxs+ Gxxbi zit~ migsx- rnke g s~sxia!unhi vtldmia- imizgxnkesxgkhgths lt htnznke xbi nkhysxt~ xl g olmmioxnzi tisvlksi-tiwyntis iioxnzi oikxtgm tieymgxnlk gkh xbi olkziknke

vluit l tieymgxlts+At+ Dmgkcink ugs tnebx+Vtnzgxi tas- l olytsi- aysx di gmmluih xl xgci tnscs

gkh olavixi+ Tnsc!xgcnke gkh olavixnxnlk gti issikxngmnk g agtcixvmgoi+ Gkh- slai mizim l irvmlnxgxnlk ns gmslgk nkisogvgdmi gox l mni nk g tii agtcix s~sxia gkhxl hik~ nx ns kgnzi+ Xbi syooiss l vtnzgxi tas tisxs- nkmgtei vgtx- lk xbint gdnmnx~ xl irvmlnx g tgkei l lvvltxy!knxnis+ Jntas irvmlnx vtlhyox gkh agtcixnke uigckissisgkh agkgeiaikx hionikonis l xbint olavixnxlts+ Xbi~irvmlnx tieymgxlt~ uigckissis syob gs zgeyikiss nk tymisgkh mllvblmis nk tieymgxlt~ tienais+ Gkh- xbi~ irvmlnx

xbi nkltagxnlk gkh cklumihei egvs gkh timgxih zymkit!gdnmnxnis l olksyaits+

Nk gox- g oikxtgm xikgkx l xbi xbilt~ l xbi ioniko~l ykixxitih agtcixs tisxs lk xbi yktigmnsxno olkoivxl ymm gkh vitiox nkltagxnlk d~ gmm agtcix goxlts-nkomyhnke olksyaits+ ^ix- olksyaits tgtim~- n izit-bgzi xbi sgai nkltagxnlk gdlyx g vtlhyox lt sitznoigs xbi olavgk~ litnke xbgx vtlhyox+ Altilzit- tassvikh dnmmnlks l hlmmgts igob ~igt otigxnke vitsygsnziagtcixnke ogavgneks gtlykh xbint vtlhyoxs xl agcixbia gxxtgoxnziizik xl olksyaits ubl bgzi syonikxnkltagxnlk xbgx anebx lxbitunsi migh xbia xl ti`iox

xbgx vtlhyox lt sitznoi+Olksnhit xbi syooissymkiss l xbi slx htnkc nkhysxt~-lt irgavmi- xbgx igob ~igt svikhs dnmmnlks l hlmmgts lkagtcixnke xl olkznkoi olksyaits xl htnkc dizitgeis xbgxolkxgnk bneb olkoikxtgxnlks l syegt ubik bykhtihs lgtxnomis gkh uidsnxis vlnkx xl xbi mnkcs dixuiik syegt-ogkoit- ldisnx~- gkh hngdixis ubnob gti klu ivnhiano nkxbns olykxt~+

Ubik nx olais xl xbi bigmxb l xbi iolkla~ gkh lytonxnpiks- tieymgxnlk ns otnxnogm xl iksytnke xbgx tas tiagnkunxbnk gooivxgdmi gkh tigslkgdmi mnanxs tiegthnke bluayob xbi~ lzitsxgxi xbi dikixs lt hlukvmg~ xbi tnscs lxbint vtlhyoxs gkh sitznois+ Tieymgxnlk ns gmsl issikxngm xl

bimv olksyaits dixxit ykhitsxgkh xbint miegm ldmnegxnlksgs uimm gs tnebxs ubik ikxitnke nkxl olkxtgoxygm getii!aikxs unxb dysnkissis+

Gkh- kgmm~- olavgknis agci ansxgcis+ Olaaikxnkelk xbint (9+2 dnmmnlk xtghnke mlss nk Ag~ gkh @yki l xbns

~igt- @V Altegk Obgsi OIL @gani Hnalk sxgxih xbi xtgh!nke sxtgxie~ tisvlksndmi lt xbi mlss ugs jguih- olavmir-vlltm~ tizniuih- vlltm~ irioyxih gkh vlltm~ alknxltih+Goolthnke xl Hnalk0 Ui uiti smlvv~+ Ui cklu ui uitisxyvnh+ Ui cklu xbiti ugs dgh `yheaikx+ N- vitslkgmm~-tisviox At+ Hnalks ogkhlt+ Xbgx cnkh l ltxbtnebxkissd~ g oltvltgxi xnxgk ns tgti+ Gkh olkhiakgxnlk lt agcnkeansxgcisizik dne lkisnk a~ zniu ag~ di ansvmgoih+Izit~lki agcis ansxgcis+ Dyx xbi tigmnx~ xbgx ansxgcisogk di aghi gkh lxik gti- izik d~ xbi alsx sigslkihirvitxs- ns gklxbit vluitym tigslk lt sxtlke tieymgxnlk+Iioxnzi tieymgxnlk bimvs xl iksyti xblsi ansxgcis hl klxxtgksmgxi nkxl agssnzi vtldmias lt ubnob xbi Gaitnogk

xgrvg~it aysx ymxnagxim~ vg~+

4+ Jnkgkongm irvmlnxgxnlk ugs gx xbi olti lj xbi jltiomlsyti otnsns

Jtla xbi sxgtx- sydvtnai altxegei mikhnke ugs gdlyxkgkongm irvmlnxgxnlk gkh klx sysxgnkgdmi blailukit!sbnv+ Gmxblyeb xbi vtihgxlt~ mikhnke blysi l ogths hnhklx dienk xl xlvvmi ykxnm 466:!4665- bneb!olsx mikhnke-xgteixih vtnkonvgmm~ xl ankltnx~ dlttluits- ugs gmtigh~ slvitzgsnzi alti xbgk g hioghi gel xbgx d~ 7>>>- xbi _xgxil Kltxb Ogtlmnkg bgh gmtigh~ ikgoxih g sxgxiunhi gkxn!

vtihgxlt~ mikhnke mgu+Xbi Oikxit lt Tisvlksndmi Mikhnke- ubnob hnh sian!

kgm ultc lk sydvtnai mikhnke- olkomyhih xbgx alti xbgkbgm l gmm sydvtnai mlgks ltnenkgxih hytnke xbi hioghimighnke yv xl xbi otnsns uiti lt blai tikgkonke gkhmiss xbgk 76 vitoikx lt tsx!xnai blailukitsbnv+ Gkhmikhits uiti klx gmlki nk xbi sydvtnai agtcixs kgk!ongm irvmlnxgxnlk+ Gmalsx izit~ nksxnxyxnlkgm goxlt nk xbiblai altxegei kgkonke vtloiss vmg~ih g tlmi nk xbiblysnke agtcixs olmmgvsi0

Dtlcits sxiitih dlttluits nkxl tnsc~ bneb!olsx

mlgks tiegthmiss l xbint nkolais lt otihnx soltisgkh xbi~ uiti gmmluih xl olmmiox ubgx galykxih xlcnocdgocs nk xbi lta l ~nimh svtigh vtianyas nxbi~ olymh ansmigh dlttluits nkxl gooivxnke mlgkslitih gx bnebitxbgk!tiwyntih nkxitisx tgxis3

Gvvtgnsits nkjgxih blai zgmygxnlks- htnznke vtnoisxl yksysxgnkgdmi tiolth bnebs- otihnx tgxnke geik!onis nkhnsotnankgxim~ sxgavih nkzisxaikx etghilk sioytnxnis dgocih d~ sydvtnai mlgks tiegthmissl xbint goxygm tnsc vtlmis3

Dlkh tgxnke geikonis sxgavih G otihnx tgxnkes lksioytnxnis dgocih d~ mlgks xbgx uiti omigtm~ bighihsxtgnebx xl ltiomlsyti3 gkh

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HIOIADIT 4674

?>>@GAI_ B+ OGTT

Nkzisxaikx dgkcs vgnh vtianya vtnois lt xblsibneb!tnsc mlgks xbitid~ ikolytgenke mikhits xlltnenkgxi xbia tgxbit xbgk glthgdmi gkh sysxgnk!gdmi rih tgxi vtlhyoxs+ Nk xbi vtloiss- anmmnlks lellh otihnx tnsc dlttluits uiti xtgksltaih nkxl

bneb tnsc oysxlaits dgsih slmim~ lk xbi dgsns l xbihionikx mlgks xbi~ tioinzih+

Nk xbi ikh- xbi ikxnti sydvtnai mikhnke s~sxia bgholkzitxih nkxl g agssnzi blysi l ogths !! tllxih nk glykhgxnlk l yksysxgnkgdmi blai vtnoi nkotigsis !! xbgxnavmlhih gmalsx naaihngxim~ gs blai vtnois diegk xlslxik nk 466:+

_xgxiaikxs xbgx xbi blysnke otnsns ugs g tisymx lelzitkaikx goxnlks xl vtlalxi blailukitsbnv galkemluit!nkolai gkh ankltnx~ blysiblmhs xbtlyeb xbi Elz!itkaikx _vlksltih Ikxitvtnsis "E_Is. bgzi gdslmyxim~ kldgsns nk gox+ Gs xbi blysnke dgmmllk ugs nkjgxnke- xbi E_I

sbgti l xbi agtcix ugs hijgxnke3 tla 94 vitoikx xl 88vitoikx dixuiik 4664 gkh 466:+ Nx ns nkolkoinzgdmi xbgxxbi E_Is olymh di nkjgxnke xbi blysnke dyddmi gs xbintagtcix sbgti ugs hijgxnke vtionvnxlysm~ hytnke xbgx vi!tnlh+ Nk gox- goolthnke xl Eiltei Ugsbnkexlk Yknzitsnx~vtlisslts @gslk Xblags gkh Tlditx Zgk Lthit- vtnzgximgdim tisnhikxngm sioytnxnpgxnlks etiu tla (954 dnmmnlk nk4666 xl alti xbgk (4+: xtnmmnlk d~ xbi ikh l 466:+ Gkh gsxyh~ d~ xbi Oikxit lt Gaitnogk Vtletiss isxnagxih xbgx

Ugmm _xtiixs sioytnxnpih altxegeis higymxih gx g tgxi lalti xbgk snr xnais etigxit xbgk xblsi sioytnxnpih d~ Jgk!kni Agi gkh Jtihhni Ago+

Gs Kldim Vtnpi unkknke iolklansx gkh OlmyadngYknzitsnx~ vtlisslt @lsivb _xnemnxp vyx nx0 Jnkgkongm tashnsolzitih xbiti ugs alki~ gx xbi dlxxla l xbi SuigmxbQv~tganh gkh hnh izit~xbnke xbi~ olymh xl agci syti nxhnh klx tiagnk xbiti+ Nk sbltx- sydvtnai mikhnke ugs klxgdlyx irvgkhnke gk lukitsbnv slonix~- dynmhnke gssixs ltvtlalxnke iolklano aldnmnx~ gkh iavluitaikxnx ugskgkongm irvmlnxgxnlk gx nxs ultsx+

?- Uigmxb gkh nkolai nkiwygmnx~ nk Gaitnog bgsultsikih snkoi xbi Etigx Tioissnlk- htnzik gs ayob d~vydmno vlmno~ gs d~ emldgm agtcix xtikhs

Gs _xnemnxp gmsl bgs ldsitzih- Gaitnogk nkiwygmnx~hnhkx `ysx bgvvik+ Nx ugs otigxih+ Agtcix ltois vmg~ih gtlmi- dyx nx ugs klx agtcix ltois gmlki+ Gkh- tla xbisxgtx l xbi tioikx otnsns- xbi loys l Jihitgm vlmno~ bgsdiik lk ag`lt oltvltgxnlks gkh d~ irxiksnlk- xbint sbgti!blmhits gkh irioyxnzis+

Agk~ ag~ bgzi ltelxxik xbgx xbi Xlrno Gssixs TimniVtletga "XGTV. ugs nknxngmm~ olkoinzih gs gk nknxngxnzi xlvytobgsi xtlydmih altxegei mlgks xbgx olymh di alhnihxl agci xbia glthgdmi+ Dyx naaihngxim~ yvlk nxs ikgox!aikx- XGTV ugs ysih mgteim~ xl vtlznhi mnwynhnx~ xl xbidgkcs+ _ivgtgxim~- xbi Jihitgm Tisitzi mgykobih nxs luk

vtletgas xl gnh xbi dgkcs nkomyhnke litnke pitl vitoikxmlgks gkh alti xbgk (4 xtnmmnlk l gssix vytobgsis+ Gkhizik xlhg~- ubnmi Olketiss tiysis xl ikgox gk~ kiu sxna!ymys svikhnke xl bimv ultcnke ganmnis eix dgoc lk xtgoc-xbi Jihitgm Tisitzi bgs gmtigh~ tisvlkhih xl xbi smlunke

iolklano etluxb xbns syaait unxb xbi gkklykoiaikx nk@yki l gk irxiksnlk l Lvitgxnlk Xunsx ubnob xtgksmgxisnkxl gk ghhnxnlkgm (4:5 dnmmnlk l sxnaymys goxnznxnis+

Nk xbilt~- xbi Jihs iolklano sxnaymys goxnlks vgssxbtlyeb xbi mgteisx kgkongm nksxnxyxnlks gkh tisymx nkalti mlgks gx mluit olsx lt nkhnznhygms gkh dysnkissis-gkh alti `lds lt xbi ykiavml~ih+ Dyx xl hgxi- xbgx bgsklx bgvvikih+ Gs g tisymx- kinxbit xbi irxiksnlk l Lvitg!xnlk Xunsx klt gklxbit tlykh l Wygkxnxgxnzi Igsnke unmmotigxi `lds lt navtlzi kgkongm olkhnxnlks lt ultcnkeganmnis+ Xbi tigslk ns xbgx xbi vtldmias navihnke Y_ iol!klano etluxb gti olavmir gkh sxtyoxytgm gkh hl klx mikhxbiasimzis xl dinke tislmzih d~ g snavmi ytxbit mluitnke

nkxitisx tgxis+Nk gox- gs nk xbi ogsi l xgr oyxs lt xbi uigmxb~- xbi

xtnocmi hluk tla xbi aymxnvmi dgkc dgnmlyxs bgs klx lo!oyttih+ Gkh xbns sciuih hnsxtndyxnlk l Jihitgm iolklanosyvvltx nk gzlt l xbi uigmxb~ ns ytxbit yimnke nkiwygm!nx~ dixuiik xbi tnob gkh xbi tisx ubnmi gnmnke xl ghhtissxbi sxtyoxytgm obgmmikeis ykhitanknke xbi Y+_+ iolkla~+Olksnhit xbgx izik dilti xbi otnsns- xbi xlv 7 vitoikxl uigmxb~ blysiblmhs olkxtlmmih alti gssixs xbgk xbidlxxla >6 S>>? vitoikx l xbi nkolai egnks nk 4676-xbi tsx ~igt l xbi tiolzit~+ Navtissnzi tixytks lt xbitnob gti xbi tisymx l g sxtlke tiolzit~ l xbi sxloc agt!cix- hnznhikh vg~lyxs gkh oltvltgxi vtlxs- gmm hntioxm~syvvltxih d~ xbi XGTV dgkc dgnmlyxs gkh xbi Jihs lkel!nke sxnaymys goxnlks+ Nk gox- slai Jih vlmnonis xbgx bimvag`lt oltvltgxnlks hntioxm~ bgta xbi anhhmi omgss- syobgs pitl vitoikx mlgks lt xbi dne dgkcs xbgx xtgksmgxi nkxl

kigt pitl vitoikx tixytks lk dgkc sgznkes goolykxs+Navltxgkxm~- xbi Jihitgm Tisitzi hlis klx bgzi hntioxgyxbltnx~ lzit svikhnke gkh xgris xbgx ulymh ikgdminx xl vytsyi alti xgteixih vlmnonis xl bimv ultcnkeganmnis+ Gs g tisymx- xbi anhhmi omgss ns gx xbi aito~ lg ykvtlhyoxnzi vlmnxnogm vtloiss ubiti irxtiai vlmnxnogmvgtxnsgksbnv vtiomyhis gk~ tgxnlkgm hnsoyssnlks lk ug~sxl nkzisx nk xbi yxyti l Gaitnog+

Xbi mlvsnhih syvvltx lt xbi kgkongm s~sxia unmmklx migh xl g tldysx iolklano tiolzit~tgxbit- nxag~ lkm~ iksyti ui tiagnk lk xbi tnkeis l tiolzit~+Htnmmnke hluk nkxl slai tioikx vlsnxnzi iolklano hgxgvlnkxs omgtnis xbns vlnkx0

7/30/2019 Lessons Offered but Not Learned by the Financial Crisis

5/7

Z_LXH+OLA

866 ZNXGM _VIIOBI_ LJ XBI HG^

Nk Ag~- xbi JHNO tivltxih xbgx Y+_+ dgkcs irvitn!ikoih xbint bnebisx wygtxitm~ vtlxs snkoi anh!4665+Dyx xblsi igtknkes uiti klx xbi tisymx l mlgks ysih xlsxgtx lt irvgkh dysnkissis- tidynmh xbi kgxnlks nktg!sxtyoxyti lt bimv ganmnis dy~ blaismlgk dgmgkois

goxygmm~ imm hytnke xbi tsx wygtxit l 46743Nk svnxi l sximmgt dgkc igtknkes- xbi dlkh tgxnke taAllh~s hluketghih 79 dne dgkcs nkomyhnke xbi zimgteisx nk xbi Y+_+ lki hg~ gxit xbi Jihs hionsnlk xl ir!xikh nxs sxnaymys iltxs+ Mluitih tgxnkes tijiox xbi goxxbgx klx izik iroivxnlkgm Jihitgm syvvltx ogk nksymgxixbi dgkcs tla xbi tigmnx~ xbgx xbint nksxnxyxnlkgm gkhnkhnznhygm oysxlaits gx blai gkh gdtlgh gti htluk!nke nk gk loigk l hidx gkh antih nk iolklanis xbgx gtidgtim~ gjlgx3 gkh

Ubnmi agk~ vlmnxnongks gteyi xbgx oltvltgxnlks kiihghhnxnlkgm xgr dtigcs xl tgnsi xbi ogvnxgm xbi~ kiih xlnkzisx- xbi mgteisx klkkgkongm oltvltgxnlks nk Gaitn!

ogk gti gmtigh~ snxxnke lk alti xbgk (4 xtnmmnlk l ogsbgkh lxbit mnwynh gssixs+ Xbi~ti klx ugnxnke lt gklxbitxgr dtigc nk lthit xl nkzisx- xbi~ti ugnxnke lt xbi sneksxbgx xbi ykhgaikxgms ykhitanknke xbi Y+_+ iolkla~gti dinke ghhtissih+

4+ G bigmxb~ gkh tldysx blysnke agtcix ns issik!xngm xl g sxtlke Y+_+ iolkla~

Kltagmm~- blysnke mighs gk iolklano tiolzit~+ Xbnsxnai- nxs kinxbit mighnke klt lmmlunke+ Nxs g htge lktiolzit~ nk svnxi l xbi tioikx vlsnxnzi blysnke agt!

cix kius xbgx xbi blysnke agtcix bgs sxgdnmnpih+ Nx bgslykh nxs llxnke gt tla g bigmxb~ agtcix+ Lk xbivlsnxnzi snhi- blai vtnois gvvigt xl bgzi sxgdnmnpih!! gkh nk agk~ agtcixs !! vtnois bgzi goxygmm~ sblukslai navltxgkx egnks+ ^ix- blai vtnois tiagnk altixbgk ?6 vitoikx dimlu xbint bnebs+ Xbgx xtgksmgxisnkxl alti xbgk (5 xtnmmnlk l mlsx uigmxb nk xbi lta lblai iwynx~+ Gx xbi sgai xnai- kigtm~ lki wygtxit l gmmaltxegei dlttluits gti yvsnhi hluk unxb xbint mlgksaigknke xbi galykx hyi lk xbint blai mlgk iroiihsxbi zgmyi l xbint vtlvitxnis+ Gkh xbgx tigmnx~ xtgksmgxisnkxl alti xbgk (566 dnmmnlk l altxegei hidx yvsnhi

hluk kgxnlkgmm~+Ntlknogmm~- lki l xbi ci~ tigslks lt slai l xbi na!vtlziaikx nk vtnois ns g tisymx l g gmml nk ltiomlsytisxbgx diegk mgsx ~igt gkh olkxnkyih nkxl igtm~ 4674+Jltiomlsytis imm sneknogkxm~ mgsx ~igt- hluk kigtm~ ?9vitoikx dixuiik 4676 gkh 4677+ Dyx xbi tigslk lt xbigmm nk ltiomlsytis ugs klx hyi xl navtlzih iolklanoontoyasxgkois l dlttluits lt alti iioxnzi mlgk alh!nogxnlks+ Tgxbit- altxegei sitznoits uiti olksxtgnkihnk xbint gdnmnx~ xl vtloiss ltiomlsytis hyi xl g zgtnix~l miegm obgmmikeis+

Alsx l xblsi miegm dgttnits bgzi klu diik tialzihgkh sitznoits gti tii xl alti geetissnzim~ omigt lyx

xbint ltiomlsyti vnvimnkis+ Gkh xbgx vnvimnki ns snekn!ogkxAltegk _xgkmi~ isxnagxis xbiti gti alti xbgk 5anmmnlk blais nk xbi ltiomlsyti vnvimnki+ N xbiti ns klhtgagxno hlukxytk nk ltiomlsyti unxbnk xbi kirx iualkxbs- ui unmm mncim~ ikh xbi ~igt 4674 unxb lzit 4

anmmnlk xlxgm ltiomlsyti mnkes+Ltegknpgxnlks syob gs xbi Kgxnlkgm Gsslongxnlk lTigmxlts- Altxegei Dgkcits Gsslongxnlk gkh KgxnlkgmGsslongxnlk l Blaidynmhits gti jysb unxb hgxg gkhnkltagxnlk lk xbi zgmyi l blai olksxtyoxnlk gkhblai vytobgsis xl xbi Y+_+ iolkla~+ Dyx xbi zgmyi lg bigmxb~ blailukitsbnv agtcix irxikhs gt di~lkhdtnocs gkh altxgt gkh altxegei kgkonke+ Lukit!looyvnih blysnke ns xbi alsx navltxgkx gssix l xbix~vnogm Gaitnogk ganm~+ Jgmmik blai vtnois gti xbiti!lti hgagenke diogysi xbi~ tihyoi xbi tigm uigmxb llukit!looyvnih blysiblmhs gkh mnanx xbint gdnmnx~ xl mi!zitgei xbi iwynx~ nk xbint blais lt irvikhnxytis syob

gs sagmm dysnkiss nkzisxaikxs- obnmhtiks ihyogxnlks-blai tivgnts- zgogxnlks gkh lxbit mgtei irvikhnxytis+Gmsl- gs xbi x~vnogm ganm~s mgteisx slytoi l sgznkes-mluitih blai vtnois gmsl hivtiss olksyait olkhikoi+

Unxb olksyait svikhnke agcnke yv tlyebm~ 56 vitoikxl xbi iolkla~- nxs klx sytvtnsnke xbgx xbi iolkla~tiagnks nk xbi hlmhtyas+ Vtlvlsgms xl tizgav xbialtxegei kgkoi s~sxia xbtigxik xl ytxbit hgagei xbilvvltxyknxnis lt blailukitsbnv ubnob unmm bgta oyt!tikx- gs uimm gs yxyti vlxikxngm blailukits+ Gkh xbi~ulymh agci nx vgtxnoymgtm~ hnoymx lt vilvmi l olmltxl gooiss altxegei otihnx+ Xbns hlis klx dlhi uimm lt

xbi yxyti l xbi blailukitsbnv agtcix lt xbi ola!vixnxnzikiss l Gaitnog nk xbi emldgm gtikg+ Unxbnk ?9~igts- vilvmi l olmlt unmm diolai xbi ag`ltnx~ vlvymg!xnlk nk Gaitnog+

Nk gox- g sxyh~ tioikxm~ timigsih d~ xbi Dtllcnkes Nk!sxnxyxnlk khs xbgx bgm l gmm kiu dntxbs gti ankltnxnis+

Ubgx unmm tivmgoi blailukitsbnv gs xbi agnk htnzitl uigmxb gkh gssix gooyaymgxnlk< Ubgx hlis gmm xbnsvltxikh gdlyx xbi bigmxb l lyt iolkla~ n xbi gsx!isx etlunke vlvymgxnlks nk xbi Y+_+ bgzi kl iioxnziaiobgknsa xl dynmh uigmxb gkh mizitgei xbgx uigmxb xlhtnzi ytxbit olksyait svikhnke- mgykob dysnkissis-

vg~ lt olmmiei xynxnlk- gkh xtgksit uigmxb xl yxytieikitgxnlks>+66,~igt3 Jltinek- (77>+66,~igtIagnm zssydsFaoaytt~+olaDgoc nssyis- (76+66- vmys vlsxgei+

Anotlma gkh anotlobi ihnxnlks- (?2+66vit zlmyai- sydsotndits lkm~+

Znxgm _viiobisns nkhirih nk xbi TighitsEynhi xl Vitnlhnogm Mnxitgxyti+ Gk gkkygmnkhir ns vtnkxih igob Hioiadit gkh hnsxtnd!yxih xl gmm sydsotndits+

Vydmnsbit Vitnlhnogm vlsxgei vgnh gxVbliknr- GP gkh ghhnxnlkgm agnmnke lois+

VL_XAG_XIT0 _ikh ghhtiss obgkeis xl7676 I+ Ansslytn Gzi+- Vbliknr- GP 29678+