Introduction I thank the New York University Stern Center for Global Economy and Business and, in particular, Kim Schoenholtz, the center’s director, for the kind invitation to speak to you this afternoon. The center plays an active role in promoting and supporting faculty research on issues related to global economies, businesses, and policy, and I am honored to be among the center’s list of distinguished speakers. I am also happy to be back at NYU. I have very fond memories of my time here, where, as an adjunct professor, I co-taught the Ph.D. Seminar in Financial Institutions for a couple of years in the late 1990s. The world has certainly changed since then. I met Kim for the first time at a conference held several years ago when signs of problems in the financial markets and banking system were just beginning to emerge. I can’t speak for Kim, but I can certainly say that at that time I did not fully appreciate the extent of the crisis and deep recession to come.