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March 22, 2009


Edith Orenstein

For better or worse, your track record in predictions - as you noted in your post on Jan. 16 - has been sadly correct. I wonder if the failure of one of the Big Four would pose a form of systemic risk in and of itself, although those who argue against some forms of catastrophic liability protection for the firms may argue there would be a moral hazard in doing so (ala 'too big to fail'). A difficult issue overall; it is good that you elevate the discourse on this issue among your students and the public.

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  • © 2007-2024 James R Peterson Special thanks: Francine McKenna. Always with love: Kat and Julie. In memory: Bob White, Stuart Kadison