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Though the world is bracing for banks to report the final quarter of a blockbuster earnings year, the time of cheap money that allowed them to finance it is about to come to an end.
Their numbers may look better now, but the liabilities and systemic problems that brought the biggest banks to their knees still threaten them.
One might imagine "the Great Recession" would radically alter the financial system that produced it, yet federal rescue efforts seem to have prevented much change in the status quo. In this interview, Wharton professors Jeremy Siegel and Richard Herring discuss the impact of the stimulus measures, the problems that bedevil the financial system, and the economic outlook.
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