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Links 1 through 10 of 15 by Tomo Krajina tagged crisis

There is a view today that both countries and creditors have learned from their mistakes. ... Such celebration may be premature.

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Letting member-state governments default could create havoc of untold proportions, as noted above. Or could it? When they wrote the no-bailout clause, the Maastricht Treaty Founding Fathers were clearly impressed by the New York City affair of the 1970s. The City informed the State of New York that it was about to declare bankruptcy and would do so unless bailed out. The State informed the Federal Government that it too would default unless bailed out, which could destroy Wall Street and the US financial system. The Federal Government responded to the State of New York “please default”, a message that was then passed on to the Mayor. No one defaulted. And then, after the City had made substantial progress, the Federal Government provided a loan on which it subsequently made good profit. Even better, the City of New York has since become fiscally disciplined.

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In this essay, we trace the path of the recession from its origins in the housing market bubble to the policies offered to cure the aftermath.

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The Challenges of Financial Reform

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What Other Financial Crises Tell Us
The lesson of history is grim: Expect a prolonged slump.

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Before the financial crisis, the banking industry was too concentrated and clubby. And now? It’s even more so. In the midst of the crisis, the country’s four biggest banks—Citigroup, Bank of America, JPMorgan Chase, and Wells Fargo—actually got bigger.

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The Case for Doing Nothing: The only plausible argument for bailing out banks crumbles on close examination. - Reason Magazine

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