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Yellen backtracks: 'We can never be confident there won't be another financial crisis'
Fed Chair Janet Yellen, in testimony Thursday before Congress, walked back comments she made recently that there would not be another financial crisis "in our lifetime." Instead, the central bank chief said banking regulations have made another crisis significantly less likely and the financial system has enough capital on hand to withstand a downturn. "What I should have stated originally when I made that comment, I believe we have done a great deal since the financial crisis to strengthen the system and to make it more resilient," she said in her semiannual remarks to the Senate Banking Committee. "I think ... (full story)
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