Government Economic Leaders Surprised that Real World Isn’t Responding to their Magic Pixie Dust
by George Washington
→ Washington’s Blog
Fed chief Ben Bernanke told the financial crisis inquiry commission today:
If the crisis has a single lesson, it is that the too-big-to-fail problem must be solved
Too-big-to-fail financial institutions were both a source … of the crisis and among the primary impediments to policymakers’ efforts to contain it ….
That’s funny, given that Bernanke has been one of the biggest defenders of the too big to fail banks, arguing strenuously against breaking them up, throwing trillions of dollars their way, and begging the banks to play nice with one hand, while patting them on the back with the other hand and giving them a big wink.