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Small is Really Better?

April 24, 2009

In an article titled “The Big Takeover, Matt Taibbi (Rolling Stone magazine, April 2), offers, what some are saying is the best yet, explanation for the cause of the financial crisis.  “What had brought us to the brink of collapse in the first place,” he says, “was this relentless instinct for building ever-larger mega-companies, passing deregulatory measures to gradually feed all the little fish in the sea to an ever-shrinking pool of Bigger Fish. To fix this problem, the government should have slowly liquidated these monster, too-big-to-fail firms and broken them down into smaller, more manageable companies. Instead, federal regulators closed ranks and used an almost completely secret  bailout process to double down on the same faulty, merger-happy thinking that got us here in the first place.”

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