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Economy - Economics USA

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msnbc.msn.com/

1,562 banks will be gone in the next few years. I heard this startlingly precise number from one of the panel members at the Wall Street Journal Future of Finance Initiative conference -- a meeting which featured a keynote by Treasury Secretary Tim Geithner, as well as participation such heavy hitters as George Soros, Meredith Whitney, Robert Shiller, and Paul Volcker. Let's put that prediction in perspective. Since the fall of Bear Stearns, only 61 banks have been taken over by the FDIC. If you believe this presenter, we've only seen 1/25 of the likely banking deaths. Yikes!

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Washington Post

A little more than a decade ago, Born foresaw a financial cataclysm, accurately predicting that exotic investments known as over-the-counter derivatives could play a crucial role in a crisis much like the one now convulsing America.

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arclein

Large numbers tend to make the estimating mathematica fit better but it does not repeal the role of human decision making over discrete events or that they communicate and can catastrophically develop schooling behavior. Over the long term, even

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