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Karl Marx

Too-Big-to-Fail is Too Big to End

Not even the most powerful man in the financial world has been able to stop the greatest affront to free-market capitalism since Karl Marx.The perverse doctrine of too-big-to-fail still guarantees that taxpayers will bail out large financial institutions, at any cost, no matter how reckless or stupid they become, just because they are systemically important.   "I'm in complete agreement that we need to stop too-big-to-fail," Federal Reserve Chairman Ben Bernanke said during his semi-annual appearance before the Senate Banking Committee on Tuesday.He was agreeing with his Democratic inquisitor Sen. Elizabeth Warren of Massachusetts."We've now understood this problem for nearly five years," Ms. Warren needled the chairman. "So when are we going to get rid of too-big-to-fail?"Ms. Warren, by the way, is brand-spanking new to the Senate. Republicans refused to approve her as head of the new Consumer Financial Protection Bureau established in response to the 2008 financial crisis. So she did...

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