Since we are a union blog, we do have to give you one of these once in a while. From Bill Maher via the Nikkster:
I'll say it again: I don't believe in the "Too Big to Fail" doctrine. I don't agree (and never agreed) with Greenspan, Paulsen, Summers and Geithner and their prescriptions for saving the banks and the attendant billionaires.
If free enterprise is good enough for the rest of us, it should be good enough for the top one percent as well.
As Ritholtz at the Washington Post wrote yesterday:
... You might be surprised to learn that ... [b]efore these firms [big banks] went public in the 1970s and 1980s, bank management had full liability for their firm's losses. During the era of Wall Street partnerships, if employees were so reckless as to lose billions of dollars, the partners were on the hook for the full amount. This meant that after the firm was liquidated to pay its debts, the partners' personal assets were next on the auction block: Houses, cars, boats, even watches were sold to satisfy the debt. ...
Sounds fair to me. You lose a lot of money because you're reckless, you ought to have a consequence.