4  BIS central bankers’ speeches  important and useful forms of credit intermediation. If they are not properly regulated, however, these activities are subject to the same sort of systemic risks as banks, including contagious runs. The worst example from the crisis was the faulty securitization of U.S. subprime mortgages.
29 Students can begin with a certificate program in advanced manufacturing and continue either to a bachelor’s degree in engineering at a nearby public university or to the workplace, acquiring marketable skills likely at lower cost than if they had started at a four-year college. Similar programs around the country help provide accessible pathways to the middle class.