Editorial Board

How to Fix Our Financial Early-Warning System

Markets are again showing signs of excess. Regulators need to know where the risks are concentrated.
Is another one coming?

Six years after the 2008 crisis, U.S. financial markets are again displaying signs of excess. Stocks keep hitting new highs despite a lackluster economy. Investors are lending money on extremely easy terms to all kinds of risky borrowers, from highly leveraged companies to car buyers with questionable ability to pay.

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