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You wanna say anything?>> As the years go by, the people who were around ten years ago will leave and the new people will think, yes, we can make money, we'll do this and the next thing. And you haven't got someone saying, hold on, that's what people thought ten years ago.
I think the second thing that you need to bear in mind here is that it would be a big mistake to assume that another crisis is gonna emerge from the same way as the first one. Next one could be cuz of a cyber attack or whatever.>> We don't know where the next crisis will come from.
We have to continue to be very, very attentive. Particularly to the shadow banking system, particularly to the role that FinTech will play in the financial system going forward. Intuitive cause for concern at the moment is the break on growth that increased trade restrictions by way of tariffs and tit-for-tats restrictions on trade and investment could have.
>> I too, not to my credit, well, I thought that if there was more discussion of housing bubbles and people were more aware of it, perhaps that would act as a bit of a mitigant. But obviously it didn't, it just got people more and more encouraged to try and participate in the bubble while it was happening.
So I think the private sector was clearly a risk, but so was the public sector for allowing the private sector to put the economy and the financial markets at risk.>> I was based at Hong Kong at the time. It's hard to overstate the importance of the fact that China was able and willing to offer a really robust response in the form of quite aggressive stimulus.
A key legacy of China's response to the global financial crisis was a high level of indebtedness in the Chinese economy. Now, recently China has had some success at the leveraging but as things are slowing down here in China and it's fighting a trade war with the US that indebtedness does limit its ability to stimulate things and insulate against some of these headwinds that the economy is facing these days.
>> The common thing though, certainly as far as the financial system is concerned, the financial system is very, very prone to a shock if you lose confidence.