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Sunday, October 04, 2009

Naked Capitalism has a somewhat speculative but persuasive take (via Vu) on why the government still isn't breaking up the too-big-to-fail banks.

...the government’s failure to break up the insolvent giants – even though virtually all independent experts say that is the only way to save the economy, and even though there is no good reason not to break them up – is nothing new.

William K. Black’s statement that the government’s entire strategy now – as in the S&L crisis – is to cover up how bad things are ("the entire strategy is to keep people from getting the facts") makes a lot more sense.