Were Banks “Too Big to Fail” Before the Fed?

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(From Cato)

The difference between the “logic” of the private-market financial firm rescues of the pre-Fed era, in which the rescuers themselves had “skin in the game,” and today’s taxpayer-supported rescues, is a difference of no small importance.  It is why we worry about TBTF these days, while no one worried about it back then.

Click here for the article.