June 24, 2009

From the Fed: Better Late Than Never: Addressing Too-Big-To-Fail


From the Fed: Better Late Than Never: Addressing Too-Big-To-Fail by Gary Stern

Destiny did not require society to bear the cost of the current financial crisis. To at least some extent, the outcome reflects decisions, implicit or explicit, to ignore warnings of the large and growing too-big-to-fail problem and a failure to prepare for and address potential spillovers. While I am, as usual, speaking only for myself, there is now I think broad agreement that policymakers vastly underestimated the scale and scope of too-big-to-fail and that addressing it should be among our highest priorities.

Posted by Jvstin at June 24, 2009 10:40 AM
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