In the 1960s, well over 90 percent of working-age men held a job, and there was very little difference in employment between those with or without a college degree. While the share of college-educated working-age men with a job has fallen from more than 95 percent in 1967 to around 90 percent in 2017, it has plunged for others.
Risk is best understood, I believe, by those who are engaged in the day-to-day business of the bank. A bank in which every employee understands his or her responsibility for managing risk is likely to be more sound than a bank in which risk management is always seen as someone else’s responsibility.