Page 12 of 16  mandates to ensure that the financial system keeps functioning under stress, and that too-big-to-fail institutions don’t. In sum, far from being irrelevant in a depression scenario, our frameworks incorporate the most profound lessons of the Great Depression. If we start to go down this path, our frameworks will immediately guide us to take remedial action.
This fact alone should protect us from another Great Depression. Conclusion  Frankly, rather than 1929 repeating itself, I am more worried about a different scenario. As a country, we have got ourselves into a lot of trouble. We are struggling to learn the lessons of these mistakes, and to achieve the consensus to fix them. And we are running out of time.