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The Dodd-Frank financial reforms were supposed to end bailouts by creating a government authority to "resolve" systemically important financial institutions. But there are good reasons to doubt the so-called Resolution Authority can be effectively implemented for the biggest complex financial institutions.
In the panicky days of September 2008, a kind of conventional wisdom grew up in the minds of almost all of the Serious People. The failure to "rescue" Lehman Brothers, according to the Con Wiz, was an especially bad mistake on the part of regulators. The government should have arranged a distressed sale by back-stopping Lehman's assets against losses.