Three officials who rescued the economy in 2008 warn it might be harder to stop the next panic.
by Ben S. Bernanke, Timothy F. Geithner and Henry M. Paulson Jr., published April 16 by Penguin Books.
The U.S. government was not well prepared for the financial conflagration of 2008, which helps explain why this fire burned so hot, why the efforts to contain it often seemed so messy, and even why that response became so wildly unpopular. Better preparation could have created better outcomes.
Together, these and other reforms should reduce the frequency and severity of financial crises, as long as they are preserved and not weakened over time. But stronger rules and stricter oversight will never prevent all crises. And unfortunately, the changes of the past decade could actually block some of the most effective actions used to defeat the panic a decade ago.
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