Monday, March 17, 2008

ARI Op-ed on Subprime Published

By Joseph Kellard

Today I printed Alex Epstein’s insightful ARI op-ed “Too Big To Bail” in the Oceanside-Island Park Herald. This newspaper, which I’m now leaving to become the editor of a larger publication in the Herald’s chain of Long Island community papers, has some 5,000-plus subscribers, and potentially thousands of other readers. Here is an excerpt from Mr. Epstein’s op-ed, followed by a link to the complete version:

“For decades our government has had a semi-official policy that large financial institutions are too big to fail--and therefore must be bailed out when they risk insolvency--a policy that creates perverse incentives for them to take on far more risk than they otherwise would. ‘Too big to fail’ is implemented through a network of government bodies that protect financial institutions from the long-term consequences of their decisions at taxpayer expense--a phenomenon we can observe right now.”

Joseph Kellard is a journalist and columnist living in New York. Please post comments about this article.

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