The Time We Have Is Growing Short’

To a substantial extent, it was “nonbanks”—investment houses, hedge and private equity funds—that were at the epicenter of the financial crisis. Contrary to well-established practices, many of those same institutions received extensive government assistance to remain viable. Dealing with this great extension of moral hazard has become the largest challenge for financial reform. What failing institutions need is a dignified burial—not intensive care with hopes for recovery.

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