He did this after the 1987 stock crash, the Gulf War, the Mexican peso crisis, the Asian financial crises and the failure of one of the largest hedge funds.

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From 1998-2000, Roubini served as the senior economist for International Affairs at the White House Council of Economic Advisors and then the senior advisor to the under secretary for international affairs at the U.S. Treasury Department, helping to resolve the Asian and global financial crises among other issues.

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The Dow took off, and when there were unsettling developments in other parts of the world, like the Asian financial crisis in 1997 and crises in Russia and Brazil the following year, it kept rising anyway.

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During his time at the Fed, McDonough helped rewrite capital rules for banks and helped guide bankers' response to several global financial crises, including the Asian contagion of 1997 and the aftermath of the Sept. 11, 2001, terrorist attacks.

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