Something You Can Bank On 0
Thomas Noyes writes at the Guardian (emphasis added):
A year ago, Alan Greenspan, the high priest of laissez-faire capitalism, admitted that he was “absolutely, precisely” wrong in thinking that self-interest would protect the financial system from self-inflicted collapse. Yet, the belief that unfettered finance would bring blessings to shareholders and customers alike dies hard.
Instead of wondering which institutions might be too big to fail, it’s time to consider whether the financial behemoths are too big to succeed.
