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Kenneth Rogoff: Opinion: Why We Need To Regulate Banks Sooner, Not Later

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When in doubt, bail it out," is the policy mantra 11 months after the September 2008 collapse of Lehman Brothers. With the global economy tentatively emerging from recession, and investors salivating over the remaining banks' apparent return to profitability, some are beginning to ask: "Did we really need to suffer so much?"

Read the whole story at Financial Times