Quote Of The Day
From Gerald O’Driscoll @ Cato, regarding “too big to fail”:
The doctrine states that some banks (now financial institutions generally) are so large that their failure would incur “systemic risk” for the financial system. That sounds terrible and it is intended to. Financial services regulators and Treasury secretaries use it to frighten small children and congressmen.
Sometimes my “Quote Of The Day” posts are about content — and the content here is certainly quotable…
But this one is all about phraseology. “Small children and congressman” is incisive on a whole different level. Makes me wish I’d said that :-)