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Tuesday, October 21, 2008

If They’re Too Big To Fail, They’re Too Big Period

We seem to have forgotten that the original purpose of antitrust law was also to prevent companies from becoming too powerful. Too powerful in that so many other companies depended on them, so many jobs turned on them, and so many consumers or investors or depositors needed them – that the economy as a whole would be endangered if they failed. Too powerful in that they could wield inordinate political influence – of a sort that might gain them extra favors from Washington.

Did you know Robert Reich has a blog?

Robert Reich was the US’s 22nd Secretary of Labor under the Clinton administration and a professor at the University of California at Berkeley. You should read more.