Alan Grayson: How Should We Define 'Too Big To Fail' (With Simon Johnson, Dean Baker, Jeffrey Sachs And David John)
Florida Democrat Alan Grayson is quickly becoming the most intelligent and thorough voice in Congress on the complex regulatory challenges facing Washington as we look to prevent a future banking crisis from decimating our overall economy. It is already becoming evident, according to Grayson, that Democratic leaders (Pelosi and Reid) would like him to stop dwelling on the past. No finer recipe for repeating failures than 'not dwelling on the past'.
Fortunately Grayson seems to be paying no attention to his party leadership. He is a first-termer elected in November who has yet to be swayed and corrupted by the Washington machine. The guy is a fucking hero for taxpayers and we salute him.
The above clip is an interesting discussion of defining the concept of 'too big to fail' for our financial institutions. Simon Johnson is the most impressive of those testifying as he suggests 'war-gaming' potential outcomes with crisis-modeling, something he says was done at the IMF. The others mostly stammer and offer useless platitudes. I've been watching Grayson's hearings for awhile now and I know the answer he is seeking. He wants someone to say that there is no such thing as too big too fail, and that in the future the solution should be the free market. There, I said it.
Alan Grayson stories:
There Are No Words To Describe The Following Part II (our most popular story ever)
Grayson Destroys AIG Chief Ed Liddy
Grayson Discusses Ron Paul's H.R. 1207 to Audit The Federal Reserve
Jun 11, 2009 at 1:40 AM
Reader Comments (1)
It is a gray area I suppose. But it behooves us to figure it out pretty quickly.