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In this paper, the author first quickly recounts the causes and consequences of the Global Financial Crisis (GFC). Of course, the triggering event was the unfolding of the subprime crisis; however, the author argues that the financial system was already so fragile that just about anything could have caused the collapse. The author then moves on to an assessment of the lessons we should have learned. Briefly, these include: the GFC was not a liquidity crisis, underwriting matters, unregulated and unsupervised financial institutions naturally evolve into control frauds, and the worst part is the cover-up of the crimes.
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