The insidious double standard remains, with no sign of abating: the Fed, the main source of so many of our current financial woes, is still seen by most as a force for good in the world, as a prescient and astute regulator dedicated to systemic safety and soundness.

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To hear Graham tell it, this is part of a systemic failure to address drug safety on the part of the FDA, a story that reaches back over the entirety of his 20-year career at the agency.

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Browne has a similar explanation for the Texas City explosion, saying the company erred by focusing on individual safety records instead of the possibility of systemic failure.

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