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By Sheila Bair
Published: August 23 2010 20:48 | Last updated: August 23 2010 20:48
Of all the lessons learnt in the recent financial crisis, the most fundamental is this: excessive leverage was a pervasive problem that had disastrous consequences for our economy.
When large banks and other financial institutions got into trouble, many of them did not have a sufficient equity cushion to weather the storm. This paved the way for major market disruptions, taxpayer bail-outs and massive contractions in credit.
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