Best: Why we aren’t ready for the next financial crisis

Ten years ago, as the global economy slipped ever closer to a total meltdown, regulators were slow to recognize the severity of the problem because they were looking in the wrong direction.
Transcripts from the U.S. Federal Reserve’s policymaking committee meeting that took place on Sept. 16, just as the financial giant Lehman Brothers was allowed to fail, include 129 mentions of “inflation,” and just five of “recession.” Not surprisingly, given their narrow focus o