February 12, 2013
TOO BIG TO FAIL is too big to exist. But it’s no guarantee of safety: “But we know that smaller banks do not, by themselves, make us safe, because that was the state of the U.S. banking market in 1929, on the eve of the Great Depression. Having thousands and thousands of small banks fail was not safer than having a few big ones go down. Meanwhile, Canada, which had a few big banks, avoided both the Great Depression and the recent financial crisis.”
Plus, from the comments: “Putting Jon Corzine in jail is a lot easier.” But he’s a member of the Ruling Class.