It seems that each time the US or world economy is growing, memories of economic downturns fade into oblivion. Today, as the author reads the present economic malaise and a potential recession, he wonders how capable the financial industry will be when the next wave of insolvencies hits. The credit structures are exceedingly more complex, with the potential of debt trading resulting in confusing constituencies and second lien lenders ready to punch holes in intercreditor arrangements. Thus, training and education become even more important as the tide shifts to a less robust economy. As a result, education programs and training sessions, such as those offered by the CFA, take on greater importance.
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