Thomas Noyes writes at the Guardian (emphasis added):
Time and again, we have given the wizards of Wall Street all they want, and what do we get? Bigger and bigger messes. Time and again, we have been told that an increasingly unfettered financial system will unlock more capital and give us ever-growing prosperity. Instead, we are suffering through the greatest economic crisis since the 1929 crash . . . .
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.