Sun
Mar
15
2009
Too big to fail?
What a notion. This was the prevailing wisdom from the politicians and pundits in 2008 about Lehman Bros and other entities.
We here we stand after several failures. The Fed and Treasury seem to know which institutions should not be allowed to fail.
Prior to this it seemed no one thought giants like AIG or Merrill and Wachovia were “sound” and no way could fail.
The unimpressive Gibbs states:
The White House also sought on to reassure China. “There is no safer investment in the world than in the United States,” White House spokesman Robert Gibbs told a daily briefing.
Conventional wisdom at work again. When people starting asking about it or get a whiff something in the air is not right, it has already started.
The smart people are running from the dollar now and have been slowly for the last 2 years. Eventually, everyone else will wise up and join the chorus.
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