"Dr. Doom is back—and age has done nothing to soften his views. ...In a speech on Wednesday evening to the National Economists Club in Washington... Kaufman argued that efforts to stabilize the financial system following the financial crisis may actually have heightened risks by encouraging more debt and increasing concentration among too-big-to-fail institutions. .. that financial innovations, such as securitization, have mainly spurred an explosion of debt, much of it for speculative purposes. ...As the quantity of credit has exploded, its quality has fallen... Deregulation fundamentally changed... from the era of clear divides between commercial and investment banking and government-set interest-rate caps. Regulation has been insufficient to balance “entrepreneurship and fiduciary responsibility,”... which was checked when Wall Street firms were partnerships, with partners’ net worth on the line."
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Jews from the United StatesImmigrants to the United StatesEconomists from the United StatesBusinesspeople from New York CityCompany founders
Original Language: English
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Sources
Randall W. Forsyth, "Dr. Doom’s Latest Warning Should Not Go Unheeded", Barron's (Oct. 18, 2018)
https://en.wikiquote.org/wiki/Henry_Kaufman
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Henry Kaufman
(born October 20, 1927) is President of Henry Kaufman & Company, Inc. and is known, by some critics of his economic analyses and prognostications, as "Dr. Doom." Kaufman worked in commercial banking and served as an economist at the . After the Federal Reserve, he spent 26 years with , where he was Managing Director, Member of the Executive Committee, and in charge of the Firm’s four research departments. He was also a Vice Chairman of the parent company, Salomon Inc. He also served as a directo
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