One Year Later: Fed, Treasury prevented catastrophe, but systemic risk remains

How would an optimist view the financial world, one year after the start of the global financial crisis? Well, to start with one would point to the everyday, hum-drum reality of commerce: day-to-day commercial transactions are taking place and business as we know it in the United States is still occurring.

That may not seem like a major achievement. But consider that about a year ago the global financial system came within hours of a complete meltdown -- a financial crash that certainly would have rivaled the Great Depression in economic, social, and political impact.