On the recordDecember 2, 2015
the worst financial crisis in global history, including the Great Depression.
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congress.govthe worst financial crisis in global history, including the Great Depression.
Ben Bernanke described the financial crisis at the end of the Bush administration.
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As I have said many times, I think that fiscal policy is focusing a bit too much on the short run, and not enough on the long run.
It would be very concerning for financial markets and, I think, for the general public if the United States didn't pay its bills.
forcing these activities out of insured depository institutions would weaken both financial stability and strong prudential regulation of derivative activities.