Editor's note: This is Part 1 of a multipart series. Read Part 2, "'Wind-down': a bailout alternative," and Part 3, "The failure of 'too big to fail.' " The financial crisis and its lingering aftermath have revealed serious vulnerabilities in our financial system. The challenges are comparable to those posed by the great depression of the 1930s. Yet the approaches taken to date to fix the problems have been fitful, fragmented and frenzied, rather than deliberate and thoughtful. That's what makes me think we need a financial commission to sort things out. Of course, the political process is most receptive to reform while memories of the crisis remain strong and its aftereffects are still being felt. But there is a serious downside to legislating reform while we a...
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