NYT-
IT is a prevailing myth in Washington: big bailouts are over for good. Never again, the line goes, could giant financial institutions imperil the nation’s economy.
This is nonsense, of course. Whatever regulators and lawmakers say, the Dodd-Frank financial overhaul lacks any guarantee that taxpayers won’t have to come to the rescue again.
So it was refreshing to hear a member of the Federal Reserve Board debunk the bailouts-are-gone theory last week.
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Where would be if it weren’t for the NYT, maybe we could have saved a few more lives in Iraq? The problem with Gretchen, and this includes pro-bank blogs that appear to be somehow sympathetic, but they are insiders in a state approved press club. While Gretch whimpers about political process, the public would like to see armed marshalls smashing down front doors in the Hamptons or Bethesda or anywhere else and arresting organized criminals and dragging them out of their castles. But this is the Twilignt Era, and the Justice Department doesn’t work for you at all.