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Until July 2007, the subprime mortgage crisis seemed like it was strictly a problem for the United States. But then Landesbank Sachsen and IKB Deutsche Industriebank, two publicly owned regional German banks, had to be bailed out, and it suddenly became clear to policymakers just how interconnected the global financial system had become.Some of the extraordinary measures implemented in response to the financial crisis proved to be ill-conceived, and were abandoned or revised.That turned out to be more complicated than originally thought, and, within weeks, the government simply recapitalized U.S. banks instead.The postcrisis view holds that a powerful leader can and should fix things by himself (strongmen are rarely women).Strongmen tend to present themselves as being uniquely able to tackle a specific problem.Hungarian Prime Minister Viktor Orban has framed his autocratic behavior as a necessary response to a domestic financial crisis.
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