During his time at the Fed, McDonough helped rewrite capital rules for banks and helped guide bankers' response to several global financial crises, including the Asian contagion of 1997 and the aftermath of the Sept. 11, 2001, terrorist attacks.

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When the Asian currency contagion started, there was initially a flight of funds from East Asia to India.

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The Asian debt contagion then is the American debt contagion today.

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At least one major recession will likely occur, perhaps in contagion with an Asian banking crisis.

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Meanwhile, and this one is only beginning to return to the sights of the wider world, mass contagion remains a regular agenda item for organizations like ASEAN, the Southeast Asian official grouping.

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