5. The financial services industry, including asset management, has disproportionate power to create systemic economic risk. This negative externality is unique to financial services, and was particularly obvious in the 2008 financial crisis.  Similarly, when the highly leveraged Long Term Capital Management fund collapsed in the late 1990s, sixteen leading financial institutions had to agree on a $3.6 billion recapitalization (bailout) under the supervision of the Federal Reserve.  By comparison, when oil prices doubled between 2009 and 2011, it created stress for some industries but there was no concern that the global economy would collapse.