The Slum Dwelling of European Elites

A ripped election poster shows a smiling Silvio Berlusconi on Feb. 25 in Livorno, Italy Photograph by Laura Lezza/Getty Images

“I don’t think the economy looks like it did in 1929. The most violent and urgent of factors in the great crash was the collapse of the banking system. That can’t happen anymore because of the Federal Deposit Insurance Corporation” and other safeguards. He explained that deposit insurance and limits on leverage meant “you won’t get the pyramiding effect” that cracked the financial system in 1929.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.