We have watched over these last few months as our Masters of the Universe, our Free Market Capitalists, all too happy to be free of government regulation, all too willing to take their subsidiaries off-shore and off-balance sheet, have marched hat-in-hand to the U.S. Treasury and the Federal Reserve for bailouts. We are told that they are “too big to fail.” And it apparently is true, or so it seems since the great Henry Paulson let the House of Lehman die, and we watched the consequences as the credit markets froze up around the world. So now we must ask the question: How did we let them get “too big to fail?”
Dave Lindorff has the answer, writing for the Baltimore Chronicle.