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Economic Minestrone

 
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jabailo



Joined: 20 Mar 2006
Posts: 1273
Location: Kent (East Hill), WA

PostPosted: Fri Dec 05, 2008 9:09 am    Post subject: Economic Minestrone Reply with quote

This is one of the clearest essays I've read about the "overleveraged" -- read: imbalanced, economy that is now topling. Too many local maxima...like a good minestrone, the economy needs to be stirred to avoid clumping...

http://www.slate.com/id/2205995/pagenum/2

Quote:
The concentration of power—political as well as economic—that resided in these few institutions has made it impossible so far for this crisis to be used as an evolutionary step in confronting the true economic issues before us. But imagine if instead of merging more and more banks together, we had broken them apart and forced them to compete in a genuine manner. Or, alternatively, imagine if we had never placed ourselves in a position in which so many institutions were too big to fail. The bailouts might have been unnecessary.
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