About 100 years ago, J.P. Morgan resolved the Panic of 1907, a credit crisis similar to the current crisis, over the course of eight weeks. Morgan's challenge was less complex than the current issues partially because there was greater transparency in the banking system then. The difference is something regulators should consider, according columnist L. Gordon Crovitz. "We can make it easier to resolve future panics with a more transparent investing environment," Crovitz wrote. "More disclosure, to match the complexity of evolving financial instruments, would at least make the next credit crisis less of a surprise and ultimately more manageable."
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