If this approach were to be adopted in the panicked Washington of today, it would substantially change our financial system and guarantee -- rather than prevent -- future crises.

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"This financial support system is designed to guarantee that seniors can always afford Medicare coverage -- no exceptions, " he said to some applause.

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But the regulators all acknowledged that the financial system is still exposed to risk, and Steel said there was no guarantee against future problems like the one that befell Bear Stearns.

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This matters because the ministry thinks that it has to guarantee any firm it licenses, thus adding to over-capacity in the financial system.

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