![]() ![]() Similarly, the financial re-regulation that will be on everybody’s political agenda will, at best, reduce the frequency of such crises, but not avoid their re-occurrence. ![]() These solutions only deal with the symptoms and not the systemic cause of today’s banking crisis. So far, conventional solutions are being applied-nationalization of the problem assets (as in the original Paulson bailout) or nationalization of the banks (as in Europe). The on-going financial crisis results not from a cyclical or managerial failure, but from a structural one: more than 96 other major banking crises occurred over the past 20 years, and these crashes have happened under very different regulatory systems and at different stages of economic development. ![]()
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