"Ninety-five per cent of this is a private-sector problem".
In many respects, the credit crunch which began in 2007 has just jumped another firebreak: what began as a private sector banking problem has mutated into a sovereign debt disaster as nation states try to help, and is now becoming a supranational headache instead as the few remaining stable authorities, such as the EU and International Monetary Fund, get dragged in too.
But make no mistake, these are not just private sector problems, to be found in low-paid, low-skilled sectors such as retail, cleaning and catering.
"GAVI has not only made remarkable progress in improving the prospects for the world's children, in many ways it is the precise embodiment of the increasing trend of taking a private sector approach to a public problem", said Professor Klaus Schwab, President of the World Economic Forum.
While this must end, present proposals suggest a private sector rebound will solve present problems.
I'd like to say: OK, but this is absolutely the last time we will try for a solution to our banking problems involving a private sector-led approach.
Here's how I interpret what we see in the historical data: financial crises leave an overhang of private-sector problems, principally excessive debt on the part of some subset of economic agents — households, in the case of the United States.
Public- and private-sector problems.
Wallman's is a private-sector solution to a problem he first encountered as a regulator.
The Fed, which engaged Morgan Stanley for advice, had shopped around unsuccessfully for a private-sector solution to AIG's problems.
Mr. Corrigan, a former president of the New York Federal Reserve, formed the group in April to develop a private-sector plan for minimizing future problems in the financial markets.
