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Against Monopolydefending the right to innovateFinancial Crisis |
Monopoly corrupts. Absolute monopoly corrupts absolutely. |
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backAre the banks really TOO BIG to save? Simon Johnson writes that unless we shrink the big banks drastically, the banking system will become "Way Too Big To Save" link here. Interesting counterpoint to "Too big to fail." We are at the point where we can't afford to bail the system out again, incredible as that may seem. The issue is that the banking system is no longer just that of the US and if we save one bank, we will have to save all the others as well--and we won't have the resources to do it.
Johnson, who was International Monetary Fund's Economic Counselor (chief economist) and Director of its Research Department and now teaches at the MIT Sloan School of Management, writes a blog and a constant flow of papers, and serves on the Congressional Budget Office's Panel of Economic Advisers and as a senior fellow at the Peterson Institute for International Economics. I will not try to repeat his argument. Read the original and the two other references he includes here and here. [Posted at 03/11/2010 10:33 AM by John Bennett on Financial Crisis CommentsSubmit Comment |
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