The Quartet and Large Systemic Financial Crises
In the past forty years, two financial crises in the United States have threatened economic stability worldwide. Through miraculous good luck, seven individuals directed the resolution of the crises. Four comprise the quartet that resolved the second crisis, and three directed the resolution of the first crisis. The Quartet and Large Systemic Financial Crises tells the story of both. The time between crises has shortened, and the magnitude of the crises has grown. The seeds of the next crisis are already discernable, borne of view that "big banks" caused the most recent crisis. In fact, the cause was bipartisan government policy imposed over decades on the financial system to allocate capital for political purposes in unstable ways. That phenomenon is poised to accelerate in the near future unless something is done to stop it. The Quartet and Large Systemic Financial Crises describes how to forestall the inevitable disaster that would follow.