Do we still have a “Too Big to Fail” mentality?

The Institute for New Economic Thinking – INET – held its annual conference this week at Bretton Woods, New Hampshire at the historic Mount Washington Hotel – the site of the 1944 conference that launched the World Bank and established a new post-war global economic architecture. The theme of the conference was:

“Crisis and Renewal: International Political Economy at the Crossroads.”

Some notably speakers including Paul Volcker (former Fed Chariman), Larry Summers (Harvard Prof and former Treasury Secretary under Clinton), George Soros (Investment Banker and Philanthropist). However one speaker who has been getting particularly good raptures is Simon Johnson Professor of Entrepreneurship at MIT Sloan School of Management. He basically said we are no further down the track with regard to diminishing the “Too Big To Fail” state of the banking sector – in fact the banks are getting bigger. Worth a look.

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