Letters to the Editor
This letter is associated with the following article:
-
Too Big For Me To Fail To Notice
He said, "20 years ago the Fed would have let Bear Stearns go bust; today, it is too interlinked to fail." Not too big to fail, too interlinked to fail. And that, again, is the world of derivatives, the world of hedge funds, the world that we all come together.
Hmmm. I remember when the Reagan Administration and Congress bailed out Continental Bank in the 80s, so I don't know if 20 years ago it was much different from today, except that there are more varied means for banks to make bad investments, and probably less oversight, making bad investments likelier, and, I guess, more bailouts likely, which just rewards the culture of corruption. Free markets for poor folks; rampant protection for the rich -- that's capitalism, American-style.