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Yellen: I don't believe we'll see another financial crisis in our lifetime(2017)
- smt88 4y agoShe isn't wrong so far, if "financial crisis" means a massive recession. She also indicates what kind of financial crisis she means: > "Yellen said the architecture of the financial system has changed in ways that has made it safer for all parties involved, citing a number of factors including the Fed’s annual stress testing practices that simulate a crisis-like situation including significant swings in the stock market, a decline in home prices and a decline in the unemployment rate."
- AnimalMuppet 4y agoIn 2008, I was literally one day away from withdrawing every dime I owned from the bank, because I couldn't be sure the bank would survive. A 15% drop in the Dow is nothing like a real crisis.
- fnordpiglet 4y agoFinancial crisis means a crisis in the financial system, which causes systemic capital risks and lack of faith in institutions. This leads to large scale defaults and inefficient allocation of capital, leading to a recession. But because banks are weak or broken it’s hard to leverage into a better economy so it sticks for a long time.
- ipspam 4y agoShouldn't an obtuse statement like this denying the basic reality of history, economics, politics disqualify someone from from any high level government position?
- bediger4000 4y agoYes. I wonder who else has made obtuse statements like this who should be disqualified for any high level government position?
- rmatt2000 4y agoThere are known unknowns, but worse are the unknown unknowns.
- wruza 4y agoIdk, what hit me most were mostly unknown knowns.
- rogerkirkness 4y agoLol'd at this.
- rmatt2000 4y agoOr the known knowns which I just ignored.
- mc4ndr3 4y agoWe've had at least one recession every decade. Why on earth would that cycle stop now?