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Extracts:

Pointing to the need to restore confidence, MM Lee said one extreme view was to nationalise bad debts and assets and let the banks restart.
MM Lee : 'What will that cost? Many trillions of dollars.'

Even then, it appears to be an uphill task. Mr Lee noted that the bailout plan was facing trouble with Congress.
MM Lee - 'Let's say there is a complete collapse. Does that mean the end of the world...the free market economy? No.'

As an insurer, AIG was supposed to be a 'firewall' against the collapse of the financial system.
MM Lee - 'But they also went into derivatives. Why not? Everyone was making money. This was a mania,' he noted.
Can such mania be tamed? Not likely, he said, adding: 'Human nature, greed, fear will always be there