Posted 4 years ago on Jan. 19, 2013, 5:19 p.m. EST by grapes
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A board member of our Federal Reserve, Richard W. Fisher, the president of the Federal Reserve Bank of Dallas, has spoken about cutting the megabanks down to size (and calling our politician's baseless claim about no more bailouts).
From New York Times' Gretchen Morgenson:
" IT is a prevailing myth in Washington: big bailouts are over for good. Never again, the line goes, could giant financial institutions imperil the nation’s economy.
This is nonsense, of course. Whatever regulators and lawmakers say, the Dodd-Frank financial overhaul lacks any guarantee that taxpayers won’t have to come to the rescue again.
So it was refreshing to hear a member of the Federal Reserve Board debunk the bailouts-are-gone theory last week."