The Eternal Life of America’s Megabanks
The world economy faces a major problem: the largest US banks are “too big to fail,” meaning that if one or more of them were in serious trouble, they would be saved by government action – because the consequences of inaction would be too scary. Unfortunately, the Obama administration’s proposed approach to ending “too big to fail” – now taken up by Congress – will not work.
WASHINGTON, DC – The world economy faces a major problem: the largest banks in the United States remain “too big to fail,” meaning that if one or more of them were in serious trouble, they would be saved by government action – because the consequences of inaction are just too scary.