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Traders work on the floor of the New York Stock Exchange on January 13, 2012 in New York City.
Forget whether or not the debt crisis is over—is a worse one coming? Sluggish job growth and poorer-than-expected corporate earnings still seem to be keeping market analysts on edge, with each tremor from the European Union adding to the anxiety.
The American market has stabilized enough to be on par with other “emerging markets,” but is that enough, considering that our debt ratio is drastically higher than other countries in this bracket (like Russia and China)? How can we gain a vantage point to help us understand what happened in 2008 when we’re still so close to it, and are we doing enough to ensure it doesn’t happen again?
“Here we are three years-plus after, and very little has changed,” says Phil Angelides, the former chairman of the Financial Crisis Inquiry Commission. The PBS news program Frontline examines whether Congress or multi-billion dollar banks are running the country, but you can can a sneak peek on today's program.
Has new regulation helped? Are there provisions in place to ensure that the economic meltdown won’t happen again? If the EU succumbs to economic pressure, can the U.S. escape unscathed or is another financial crisis hovering on the horizon?
Phil Angelides, chairman, Financial Crisis Inquiry Commission; president of Riverview Capital Investments