US Financial Crisis

From the Brookings Institution report on America’s Financial Crisis:

"...the crisis is likely to come to represent a major regime change, greatly altering the future shape of the U.S. and global economies. The era of self-regulation of financial institutions is over, and the role of monetary policy has been greatly altered. The binge of consumer spending also seems to have come to an end, as households focus on rebuilding their balance sheets. ... Countries must develop new drivers of demand growth; countries will not be able to rely on growing exports into the U.S. market, and they will need to emphasize the development of domestic and regional markets."