The U.S. government needs to be able to take over and wind down a broad range of economically important non-bank financial institutions, top economic officials told Congress Tuesday, though who will get that authority was left as an open question. Federal Reserve Chairman Ben Bernanke and Treasury Secretary Timothy Geithner told House lawmakers the government's experience with American International Group Inc. highlights the need to deal with increasingly complex and systemically important institutions.
WSJ Online
The way to deal with the institutions is to let them succeed or fail on their own mertis, and not bail out failing industries with taxpayer dollars. But instead, this slope keeps getting even more slippery.
Tuesday, March 24, 2009
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