Sunday, October 25, 2009
Fair Game - Wall Street Follies - The Next Act - NYTimes.com
Fair Game - Wall Street Follies - The Next Act - NYTimes.com:
“I think actually what’s changed is in the other direction,” the refreshingly candid Mr. Barofsky said. “These banks that were too big to fail, are now bigger. Government has sponsored and supported several mergers that made them larger. And that guaranteed that implicit guarantee of moral hazard. The idea that the government is not going to let these banks fail, which was implicit a year ago, its now explicit.”
Elect someone whose social theory beliefs seemd to have stopped in the early 70s....
“I think actually what’s changed is in the other direction,” the refreshingly candid Mr. Barofsky said. “These banks that were too big to fail, are now bigger. Government has sponsored and supported several mergers that made them larger. And that guaranteed that implicit guarantee of moral hazard. The idea that the government is not going to let these banks fail, which was implicit a year ago, its now explicit.”
Elect someone whose social theory beliefs seemd to have stopped in the early 70s....
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