After reading 13 Banker's I have been mulling over Alan Greenspan's libertarian background and his chairmanship of the Federal Reserve. Where there is regulation there is an implicit government guarantee much like for Fannie and Freddie. The September 08 financial crisis pretty much exposed the guarantee to all those that were too big to fail whether they were banks or not. It is apparent that laissez faire economics does not work when any player is too big to fail. That Alan Greenspan headed the Federal Reserve as it let the system develop into a club of TBTF's ran contrary to his Libertarian principals and is his biggest failure.
TBTF is such an important core subject to comment on that I am thinking of changing the blog's banner. I have no doubt Bonehead will be on the side of the status quo in spite of his need to bring in the Tea Party. Busting up the fat cats on Wall Street has populist appeal and excellent risk dispersing intellectual economic underpinnings. It will be fun to see Republican's defend all that they say they stand against when they support the Wall Street lobby.
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