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On the Brink: Inside the Race to Stop the Collapse of the Global Financial SystemThe interventions we undertook I would have found abhorrent at any other time. I make no apology for them, however. As first responders to an unprecedented crisis that threatened the destruction of the modern financial system, we had little choice. We were forced to use the often inadequate tools we had on handБЂ”or, as I often remarked to my team at Treasury, the duct tape and baling wire of an outdated regulatory regime with limited powers and authorities. Our actions were intended to be temporary. If we donБЂ™t get the government out as soon as is practical, we will do grave harm to our economy. Yes, our first priority has to be recovery. But it is equally important that we exit these programs. This is critical to our own continued economic success. The history of capitalism in America has been one of striking the right balance between profit-driven market forces and the array of regulations and laws necessary to harness these forces for the common good. In recent years, regulation failed to keep pace with rapid innovations in the marketsБЂ”from the proliferation of increasingly complex and opaque products to the accelerating globalization of financeБЂ”with disastrous consequences ...» |
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