What looms as the most significant legacy of the crisis is a loss of economic control.
The EU is in the grips of a major financial crisis with out-of-control PIIGS debt and deficits, especially with Greece at the moment.
But in the 1970s, on Burns's watch as Fed chairman, unemployment rose, inflation took off and a growing sense of economic crisis made a mockery of the idea that governments could control the business cycle.
Nama took control of the bad property debt from Irish banks during the height of the financial crisis, and it is tasked with maximising the return to the Irish taxpayer over the long term.
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In the past two years I've written blog after blog warning that the crisis would spill out of control.
Finally, the Fed is laying the groundwork for the next financial crisis, with out of control monetary policies creating a ticking inflation time bomb, and the resulting contractionary monetary tightening when the Fed decides the inflation is getting out of hand.
This now looks like an embarrassment running dangerously out of control and threatening to turn into a genuine crisis.
Context matters, adds Eric Dezenhall, a communications consultant and co-author with John Weber of Damage Control: Why Everything You Know About Crisis Management Is Wrong.
"This energy crisis will not spiral out of control or be brought under control by what happens to the Snake River dams, " said Scott Bosse of Idaho Rivers United.
Air traffic control personnel "would have known immediately" of a crisis when the planes veered away from their normal route, according to Chris Yates, aviation security editor of Jane's Defence Weekly.
The Supercommittee (6 members of the House of Representatives and 6 Senators divided equally between Democrats and Republicans) was established by the Budget Control Act of 2011, enacted to end the debt-ceiling crisis of last spring and summer.
Mr Obama is by no means alone in urgently wanting more action to stop the crisis in its tracks before it spirals even further out of control, wrecks the European economy and sends shock waves across the Atlantic.
While Tokyo Electric Power Company (Tepco) has been grappling to bring the crisis under control, it has been hard to predict the extent of damage caused to the plant and also to the surrounding areas because of radiation leaks.
Nor can it reverse the deteriorating state fiscal crisis caused by weak economies and exacerbated by insanely high pensions and out of control spending policies.
According to Salih, who has traveled widely in the region for the International Crisis Group, there is a real risk of conflict between Kurdish factions for control of Qamishli in coming months.
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Consider why so many governments have tried to block foreign takeovers of big firms, says an EU adviser: in a crisis, governments think they can control domestic employers, making them postpone restructuring and job losses in return for help.
Its power to generate wealth and expand freedom is unmatched, but this crisis has reminded us that without a watchful eye, the market can spin out of control -- and that a nation cannot prosper long when it favors only the prosperous.
Its power to generate wealth and expand freedom is unmatched, but this crisis has reminded us that without a watchful eye, the market can spin out of control - and that a nation cannot prosper long when it favors only the prosperous.
His hasty mass-privatisation programme, which made ordinary Czechs the formal owners of most enterprises but gave control to state-owned banks with no interest in improving them, created a crisis that culminated in a humiliating devaluation of the currency in May last year.
Cameron also praised Algerian forces for their work in ending the crisis, and said they have no responsibility for the deaths that occurred as forces tried to regain control of the plant.
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