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Reply #18: Ritholtz weighs in. [View All]

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ozymandius Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jun-22-09 06:48 AM
Response to Reply #7
18. Ritholtz weighs in.
Too Big to Fail: Special NYT edition

If they are too big to fail, make them smaller.

-Nixon Treasury Secretary George Shultz about Fannie Mae and Freddie Mac
This Sunday NYT seems to be all about one of our favorite crisis whipping boys: The concept of TBTF Too Big to Fail. There are numerous articles, stories, blog posts on this pernicious policy, including our own Too Big to Succeed meme (aka chapter 18: Too Big to Succeed? in Bailout Nation).

....

When companies get to be that large, their vast wealth buys influence and power and corrupts the political system. Despite the crisis caused by the banks, just look at how successful their lobbying effort was. Their enormous pushback effectively neutered any true regulation of the finacial sector.
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