wyndhy,

I agree. It is a pity that back in July Secretary Paulson had argued to the Senate Banking Committee in favor of a formal mechanism to take over and wind down non-banks, such as investment banks and insurers, in an orderly way, similar to what exists for retail banks. But Congress was only prepared to consider that as part of a bigger regulatory overhaul under the next president.

If Congress had taken action when they were briefed, they would have had an extra two months to develop a plan.

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Eudaimonia