Sunday, June 6, 2010

13 Bankers, by Simon Johnson & James Kwak

Well wasn't this a depressing read. The sub-title is, "The Wall Street Takeover and the Next Financial Meltdown."

The bottom line is, too big to fail is a bad notion. Financial institutions should be limited in size so that any one of them might be allowed to fail.

I resonate with this in the sense that my friends who are small business owners don't have any safety net - why should a massive bank? So, if they're too big to fail, they're too big.

Why depressing? It described how we got here, and there's really no expectation for any meaningful change.

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