<<The argument is that the bailout money was necessary because these institutions were "too big to fail".>>
What bothered me, among other things, about the bailouts:
Wachovia, Bear Sterns, WAMU, Merrill, etc.. were "too big to fail." So they were force merged with tens of billions of dollars of subsidies into....other "too big to fail" companies, WFC, JPM, BAC etc..
Thus creating zombie banks which are..."too big to fail" squared.
In hindsight, they should have just let them go BK. It would be a disaster at first, then it would be over, and we would have literally cleared away the dead wood.
And we wouldn't have to listen to moron CEOS explain why they need tens of millions of dollars bonuses to "retain talent" which destroyed their companies, the US economy, and the world economy as well.
