A simple explanation of how the economy really works, and a story about how Wall Street banks have taken over the U.S. Treasury (and much more of the U.S. government).
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Friday, October 9, 2009
Too Big To Fail
Gary Stern was the President of the Minneapolis Federal Reserve Bank until recently. In 2004, he and Ron Feldman wrote an important book called Too Big To Fail. They demonstrate clearly that allowing banks to become to big to fail is an extremely wasteful idea. You can hear an extremely insightful interview with Gary Stern at econtalk.org/archives/2009/10/gary stern on t.html.
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