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24 Nov 2008 04:54 pm
Holes In The Firewall
Megan on the Citi bailout:
I don't want to be a self-panicker; these things take time. But I'm becoming increasingly convinced that the original theory of the bailout--that it would step in and provide a firewall to prevent future failures--has been proven wrong. I still think it was worth trying, prospectively; there seemed to be at the time, a reasonable prospect that it would save money in the long run by forestalling the need for future bailouts. But in hindsight, it hasn't worked.
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