Banks Too Big to Fail, Too Big to Bail Out: Roubini
Published: Tuesday, 6 Jul 2010 | 8:26 AM ET
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“Banks at this point are too big to fail, but also too big to be bailed, especially in Europe where the sovereigns are in trouble and therefore the ability to backstop the financial system is not there,” Roubini said
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Too big too exist!
We need to update our thinking as evidenced by our “litanies”.
Repeat after me: “Too Big to Fail, Too Big to Bail Out, Too Big to Exist”!
Wonder what the fat cat executives will do when they lose their cushy jobs?
Bet it never comes to that.
That’s the flaw in “Too Big To Fail”. Let a few fail and those with vested interests will figure how how not to fail in the first place.
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