I think there's more it it than letting the banks and big businesses fail.
The banks got into trouble because laws were passed in the 1990's requiring them to make those risky loans. The administration thought it would spread the wealth around, but it had unintended consequences.
And remember that the reason GM got into trouble was because they had a huge liability in the form of lifetime healthcare and full pensions for union workers who had a "30 and out" contract. Whether that was the company's fault or whether their hands were tied by labor laws is a topic for another discussion.
Bottom line is that if you want the government to allow businesses to fail, it also has to let them to succeed on their own. It can't meddle sometimes and then let them suffer the consequences.
The next big bust we could see is the healthcare system. There are many politicians who would like to see all hospitals and health insurance companies in the US go bankrupt so the government can take over the entire system.
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Today's Featured Article - History of the Nuffield Tractor - by Anthony West. The Nuffield tractor story started in early 1945. The British government still reeling from the effects of the war on the economy, approached the Nuffield organization to see if they would design and build an "ALL NEW" British built wheeled tractor, suitable for both British and world farming.
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