There are two ways to think about how far we've come in protecting against a repeat of the financial meltdown five years ago that plunged the world into recession.
You can conclude that we've pretty much eradicated the risk of another such crisis. That's the bankers' viewpoint. Here's how Morgan Stanley Chief Executive James Gorman put it in an interview with Charlie Rose earlier this month: "The probability of it happening again in our lifetime is as close to zero as I could imagine."
Or you can conclude that we've done almost nothing to stave off another banking meltdown. That's the realist's viewpoint.
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