When firms “Too Big to Fail” fall

November 5, 2009

Amid the turmoil of the 2008 financial crisis a myriad of events unfolded that the general public knew nothing about, writes New York Times reporter Andrew Ross Sorkin in a new book titled “Too Big to Fail.”

Wall Street fell from the dizzying heights of good fortune to calamity in a matter of months. To a large degree it’s still to early to tell whether financiers and politicians involved made the right choices.

“At its core ‘Too Big to Fail’ is a chronicle of failure — a failure that brought the world to its knees and raised questions about the very nature of capitalism,” writes Sorkin in his behind-the-scenes account.

He spoke with Reuters before giving a lecture at the London School of Economics on Thursday.

Comments

One of the essential marks of a truly free economy and a free country in general is the characteristic called the free market system. In this marvelous, tried and true system (1776-present), people have the opportunity to fulfill the true American dream, which, contrasted to the popular misconception of materialism, is the the chance to work hard with some ingenuity and determination for an opportunity to succeed in this country. Although this was the goal of the liberty-loving Founding Fathers, and is the responsibility of the Constitution, it would seem that we have a president who seems to be “beyond that.” Letting these systems and institutions fail will allow for others, in a truly competitive, capitalistic manner, to come to the forefront. In order to preserve this republic, me must let the free market system work.

Posted by Constitutionalist | Report as abusive
 

This should read:- ‘So big, has failed’.

Posted by Casper | Report as abusive
 
  •