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Yes, an excellent summary of the "Great Recession". However, there's very little in that article that an attentive reader of The Wall Street Journal and The Economist wouldn't have been aware of as the events described actually unfolded.
A short excerpt from the New Yorker article:
"And banks aren’t the only potential threat to financial stability. According to the Basel report, asset managers now control nearly a hundred and sixty trillion dollars, more than the worldwide holdings of the banking industry. During a market sell-off, the report warned, some of these firms could face pressures—such as a surge of investors eager to cash out—that would lead to a downward spiral."
Interestingly, The Economist, in the current issue, is in substantial agreement with that observation.
One last word from the New Yorker article:
"Nobody can say for sure where the next financial crisis will come from. But Trump and the G.O.P. are busy hastening it along—even as they’re undermining the architecture needed to deal with it. "
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Regards,
Ted
A short excerpt from the New Yorker article:
"And banks aren’t the only potential threat to financial stability. According to the Basel report, asset managers now control nearly a hundred and sixty trillion dollars, more than the worldwide holdings of the banking industry. During a market sell-off, the report warned, some of these firms could face pressures—such as a surge of investors eager to cash out—that would lead to a downward spiral."
Interestingly, The Economist, in the current issue, is in substantial agreement with that observation.
One last word from the New Yorker article:
"Nobody can say for sure where the next financial crisis will come from. But Trump and the G.O.P. are busy hastening it along—even as they’re undermining the architecture needed to deal with it. "
https://www.nytimes.com/2018/09/12/opinion/botching-the-great-recession.html
http://larrysummers.com/2018/09/13/the-financial-crisis-and-the-foundations-for-macroeconomics/