While our finances — federal, local, and personal — seem rather fragile these days, the financial system is doing ok. The Financial Stability Oversight Council has released it’s annual report, here http://www.treasury.gov/initiatives/fsoc/Documents/FSOCAR2011.pdf . The report contains a lot of discussion of improvements from the past, but also an assessment of the current risks to and vulnerabilities of our financial system. As it should be, the risks are mostly about risks to the macroeconomy not specific sectors (with some exceptions like small bank exposures to commercial real estate).
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