financial crisis

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Financial Regulation: Oops, We Did It Again

At a Wall Street Journal conference in 2009, then White House Chief of Staff Rahm Emanuel stated that one should never let a crisis go to waste. In this sense, the 2008 financial crisis is just like any other crisis: a disaster and an opportunity. A disaster because it led to the destruction of $4 trillion worth of global assets, millions of people losing their livelihood, and bringing the whole economic system incredibly close to a cataclysmic meltdown.