“It seems to me what our nation needs is more civil engineers and electrical engineers and fewer financial engineers,” Volcker said.
And I agree with your suggestions about remediation but expect it’s water under the bridge at this point. Feds will do what they want to do. Measures will buffer the downturn for the banking sector, not much else.
Yes, credit risks and losses seem to spread far beyond the residential real estate and secondary mortgage markets. It’s pervasive.
