[N] In 2005, with housing prices running far, far ahead of the historical trend, Bernanke said a housing bubble was a pretty unlikely possibility . In 2007, he said Fed officials do not expect significant spillovers from the subprime market to the rest of the economy. Alan Greenspan, looking back at the financial crisis, admitted in April that regulators have had a woeful record of chronic failure. History tells us they cannot identify the timing of a crisis, or anticipate exactly where it will be located or how large the losses and spillovers will be.
46. In the 1980s and 1990s people experienced no substantial increase in terms of income, which brought about the popularity of credit.
47. Financial crisis is a crisis of banks in that shadow banking may cause banks to fail.
48. The finance guys make friends with politicians in the hope of making some burdensome and unfair regulations cancelled.
49. The legislation concerning financial reform offers regulators the power of supervising shadow banks and disintegrating companies on the verge of bankruptcy.
50. In terms of the effect of unemployment, it is more deeply felt by the poor than by the rich.
51. Even if there was enough information to predict there would be financial crisis, the regulators still chose to ignore it.
52. Emerging economies with insufficient investment opportunities have invested much money in developed countries.
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