And morning viewing in this case. I’d like to begin with a video produced by the Cleveland Federal Reserve. Snoozer, right? Actually, no.
In fact, it seems remarkably similar to our Whiteboard videos (Paddy, you might want to consider a patent), but it’s a pretty good explanation of the concept of “too big to fail.” It feels too late to make a difference, but here it is:
Other things that caught my eye:
What ever happened to buying American? (Newsweek)
Failing banks are doing it the old fashioned way (New York Times)
Big government not helping the economy (Wall Street Journal)
Obama’s trust problem (Paul Krugman) I found this paragraph spot-on:
I don’t know if administration officials realize just how much damage they’ve done themselves with their kid-gloves treatment of the financial industry, just how badly the spectacle of government supported institutions paying giant bonuses is playing. But I’ve had many conversations with people who voted for Mr. Obama, yet dismiss the stimulus as a total waste of money. When I press them, it turns out that they’re really angry about the bailouts rather than the stimulus — but that’s a distinction lost on most voters.
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