It is fashionable at year’s end to engage in reflection on the calendar just past, but a year’s worth of contemplation is just not enough for today’s circumstances. That is not to say that 2011 was uneventful, far from it. However, if we review the evolution of the banking system, especially in the past three years, I believe its trajectory becomes quite clear.For over a year, beginning in March 2009, the financial system looked to be on its way to full recovery. Bank profits had returned, debt charge-offs and delinquencies mercifully peaked, and the wholesale money markets…
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