Krugman - Banking on the Brink

The New York Times Op-Ed Columnist PAUL KRUGMAN Feb 22, 2009

First, some major banks are dangerously close to the edge — in fact, they would have failed already if investors didn’t expect the government to rescue them if necessary.

Second, banks must be rescued. [...]

Third, while banks must be rescued, the U.S. government can’t afford, fiscally or politically, to bestow huge gifts on bank shareholders.

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