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.