Summary |
Banks failures, crises, global banking megamergers, changes in technology-- the effect of these world events is to weaken existing methods or regulating bank safety and soundness, and even to make some methods ineffective. Federal regulators are evaluating new ways to solve them.
The world’s banking system collapsed last fall, was placed on life support at a cost of some trillions of dollars, and remains comatose. We may be too close to the event to grasp its enormity. A vocabulary rich only in euphemisms calls what has happened to the economy a “recession.” We are well beyond that. We are in the midst of the biggest economic crisis since the great depression of the 1930s.
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