Mar 25, 2009

Too Big to Fail

In a statement that was so mind-blowingly simple I hadn't even considered it, Matt Taibbi said (at about 2:00 in the video below) on the Rachel Maddow show last nigh:

"If these companies are too big to fail, they're too big to exist. In a capitalist society, we can't have a situation where all you have to do to stay in business forever is get so big that, whenever you screw up, the government comes and bails you out."

Brilliant. He went on to say that it's the reason we had trade-busting way back in the day, so that these companies can a manageable size, and when they become incompetent, we can just let them fail.

Now, to deter any potential attacks, let me, too, say that, like Rachel, I'm obviously not an expert. But the logic in that statement seems pretty tight to me.

You can read Taibbi's newest article by clicking here.

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