May
5th
Tue
5th
And we shouldn’t hear one more time from a government official, “if only we had the authority to act…”
We were sympathetic to this argument on March 16, 2008 when Bear Stearns ran aground; much less sympathetic on Sept. 15 and 16, 2008 when Lehman and A.I.G. collapsed; and now downright irritated seven months later.
Is there anything more important in solving the financial crisis than creating a law (an “insolvency regime law”) that empowers the government to handle complex financial institutions in receivership? Congress should pass such legislation — as requested by the administration — on a fast-track basis.
