Monday, November 23,  7:10 pm

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With their backs to the wall over the past two years, governments and regulators worked together to keep the financial storm at bay. Their cooperation helped alleviate the economic crisis on both the domestic and international front by focusing on the immediate need to pump money into economies and prop up banks.

Of course, there was finger-pointing, buck-passing, politicking and futile, often damaging, ideological debate. Some was ugly and some -- for instance the apparently arbitrary decision to let Lehman Brothers Holdings Inc. fail -- defied the logic of other decisions made at the time. The banking system does seem to have survived the storm, and regulators' and governments' pragmatism can take some of the credit for that.



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