Aren't you Precious.
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Posted on 10/21/2011 10:13:30 AM PDT by Notary Sojac
The idea that big banks damage the broader economy has considerable resonance on the intellectual right.
The mainstream political right, however, has been reluctant to take on the issue. This changed on Wednesday, with a very clear statement by Jon Huntsman in The Wall Street Journal:
"Hedge funds and private equity funds go out of business all the time when they make big mistakes, to the notice of few, because they are not too big to fail. There is no reason why banks cannot live with the same reality."
Mr. Huntsman's position is in alignment with the strongest possible technical thinking, but he has also found a direct and easy way to communicate the right political message. Higher capital requirements for big banks are a great idea; they should help prevent financial disaster. But when such disaster occurs, we need financial institutions that can actually fail - with losses to creditors - without bringing down the entire system. Anything "too big to fail" is simply too big.
In particular, Mitt Romney is very vulnerable on this issue, as he has already lined up so much support from among the biggest banks. Presumably the prospect of Wall Street donations is enough to deter some Republicans (and many Democrats) from confronting the issue of "too big to fail."
(Excerpt) Read more at finance.yahoo.com ...
Who is “Huntsman” ? Never heard of him.
As far as I know, the only other candidates who say the banks should fail would Paul, Johnson, and Bachmann. Cain certainly has a poor track record on this issue because of his support of TARP. He has NOT recanted this support though he claims that the “original” idea (whatever that was) was sound but it was “misapplied.”
he’s that former obama administration official that boycotted the republican debate.
figure that out.
I agree. Huntsman is a punk, but he’s correct here.
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Of course banks should be allowed to fail, so should car companies, investment firms, solar energy companies etc...
No more corporate welfare and handouts should be the top priority of any conservative.
When did Huntsman become any part of the “right” intellectual or otherwise??
Huntsman?
He is 100% right on this issue. He is also making a naked play for the OWS crowd.
You've been around FR a lot longer than me, so I'm sure you recall the discussions here during September 2008 when all too many supposed conservatives drank deeply of the bank bailout Koolaid.
Very few of them have had the guts to show up in the economics threads for the last two years.
Hey, if the “OWS crowd” had confined their issues to bailouts and crony capitalism (rather than the whole dog’s breakfast of liberal BS) I’d support them 100%.
Huntsman isn’t right often, but I agree with him on this.
This is probably the only issue he has right.
Well then let us hope that he will be asked bout his take on TARP. i would like to hear what he says about it.
News Flash! Huntsman doesent have any "guts" either. There's nothing in this silver spoon's resume that suggests that he would have let the banks "fail", back in '08, either. If there is a more establishment mush head out there than this Trust Fundee, I'd like you to show him to me. Anybody can "say" anything, and this guy has no credibility, objectively speaking.
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