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Wow…what a Mess

May 11, 2013 in Economics

By Mark Thornton

Speech by Charles I. Plosser, President and Chief Executive Officer, Federal Reserve Bank of Philadelphia.

Can we end too big to fail? I think we can, but I believe the current efforts may come up short. If we are to end discretionary bailouts and the associated moral hazard problems that they create, we should seek more rule-like methods to resolve failing firms, such as a new Chapter 14 bankruptcy mechanism.

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