This is a fantastic reminder that there is a time and place for everything. In a time of extreme financial distress in which risks are obscured in the darkness, it makes little sense to go for broke at the risk of breaking. I prefer our goverment to be risk averse, so that private enterprise can take the risks. If it’s properly strucutred (i.e. break up oligarchic financial institutions) then when private enterprise breaks a small group of people are effected and a large group learn from the mistake.
Boldness has its time and place, but I have no problem with our government focusing less on boldness and more on stability. That said, I will not tolerate the continuation of the status quo around large oligarchic financial players, this system must be atomized. $1 billion in cost efficiencies is not worth $1 trillion in government debt.
