The Economist Stress Tests Dodd-Frank
Published November 1 2011 The Economist
During the financial crisis of 2008, it became abundantly clear that America's banking system was not equipped to handle the failure of a large, systemically-important financial institution; the bankruptcy of Lehman Brothers nearly brought down the global financial system. The government's response, however—to bail out large banks lest they destroy the broader economy—wasn't particularly satisfactory. It created substantial moral hazard problems and brought risks of its own, including taxpayer exposure to large bank losses and corruption concerns.
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