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Is there a really big problem with USA financial system?

Answer by Yael Tamar:

Yes, there seems to be a problem with the setup of the US financial system that made the US economy so vulnerable to shocks as witnessed by the recent crisis.

The financial crisis was caused by a variety of factors, but most of all, I see the problem with lack of regulation with respect to the interconnection between the banking system and capital markets

First of all, this connection makes banks less liable about making bad decisions (the government has to bail the banks to save the economy)

Second, this connection resulted in further absurdities due to the built-in incentives. Firms that received bailout money had incentives to continue to pay dividends to show that they were strong, which in turn made them much weaker by depleating their funds.

Having said that, the system is in much better shape because of the measures taken since the crisis.

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