So Bank of America’s not too big to fail?
Too much to be believed.
So, I’m sorry, I don't believe it.
I just don't.
I just cannot fathom the United States government letting a big bank go bust.
Don't get me wrong...I think it should. Because I think rescuing any company at any time is a slippery slope.
What you do for one, you better do for others...
And that's certainly what the great bailouts and rescues in the final months of the Bush administration and well into the Obama administration have taught us.
Pretty soon, every bad boss who made a bad bet gets a lot of our money to get him out of a bad spot.
Dick Cheney recently told me, that when it came to the banks, all of that was for the good of the country.
...that those financial bailouts in the fall of 2008 helped the country...
...that capital was freezing up, and if we didn't bail them out, our financial system itself might have gone down.
We'll never know.
This much I "do" know.
The argument for shoring these guys up was that some were too big to ever even think of letting 'em go down.
And now banks are even bigger.
And Bank of America, with Merrill Lynch and Countrywide under its umbrella, just about the biggest.
And maybe Bank of America knows that, and finds some reassurance in that...that it's simply too phenomenal to fail.
I think our message should be no you're not.
No one is.
No matter how big. No matter how influential.
I say this not only because our government is broke.
But because continuing to do this stuff all but confirms capitalism is broke.
We can't keep passing a tin cup we can't even afford.
But I suspect we will.
That's why I say I welcome a Moody's saying "No one is too big to fail."
Let's just say...I don't believe it.
We've got a country of big bank moochers who are counting on it.