1. The economy is locked in a systemic crisis. 2. E. Gerald Corrigan first raised the specter of a systemic crisis in banking caused by derivatives when he was president of the Federal Reserve Bank of New York. 3. The concern is the risk of a systemic crisis. 4. Supervision of the financial institutions was also dismal, not to mention the murky regulatory framework and the cumbersome bureaucracies that could not respond to the systemic crises. |
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