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"financial risks often break out in a concentrated way in certain regions, but they are unlikely to extend into large-scale systematic risks."

So the crisis has been "contained", eh? -- LOL

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That's the reassurance that is being given.

Note that I do not say that it is very reassuring.

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Yeah, I remember assurances like that being given here in late 2007 and early 2008. :)

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Hell, have you listened to Jay Powell or Raphael Bostic lately? They're giving pretty much those same reassurances on inflation now.

Tom Barkin of the Richmond Fed devoted a whole speech to that effect back in June.

Let's just say I'm skeptical....

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