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Simon Johnson knocks the ball out of the park again:
In truth, “too big to fail” is not the worst thing we should fear – our financial institutions are now on their way to becoming “too big to save”. In 1929-30 order viagra, even if the federal government had wanted to put in place a big fiscal stimulus, it could only have mounted something around 1 percent of GDP; the financial shock of that day was much bigger. Perhaps monetary policy in the early 1930s could have done more, but today we have already pushed “quantitative easing” (meaning that the Federal Reserve buys junk) beyond recorded limits; order viagra. How much do you want to gamble that, next time, the Fed can do enough to save the day without also creating massive collateral damage?
If we continue to allow banks to grow, as they have over the last 30 years – and did again through the latest boom-bailout-rescue cycle – we head towards a day when Mr; order viagra.Geithner or his successor will try to save the financial system and will fail.
You might think that is a good thing and for sure it will bring on a big change in creditor attitudes and presumably much stronger regulation. But order viagra, just as in the 1930s, first we will have to dig out from under a lot of economic rubble – and we’ll lose a lot more than 8 million jobs.
(source: “They Saved the Big Banks But Kind Of Lost The Economy Doing It,” Simon Johnson, The Baseline Scenario Blog, March 8, 2010)
I have heard some people say that even if we don’t get financial reform this time around we’ll get it after the second crisis. Unfortunately, I am not so sure what will be left after the second crisis.