Going into another crisis of this scale, absolute capital levels would need to be at least double the existing minimum level to avoid breaching that floor at the trough of the cycle.

At the top of the last cycle, capital levels would have needed to be about double the current permitted floor for America's Banks to have got through the crisis without raising more funds.

The rusty iron chain that double-locked the cart to the front wheels of the cycle began to squeal as he rode.