Megan on the Citi bailout:
I don't want to be a self-panicker; these things take time. But I'm becoming increasingly convinced that the original theory of the bailout--that it would step in and provide a firewall to prevent future failures--has been proven wrong. I still think it was worth trying, prospectively; there seemed to be at the time, a reasonable prospect that it would save money in the long run by forestalling the need for future bailouts. But in hindsight, it hasn't worked.
This article available online at:
http://www.theatlantic.com/daily-dish/archive/2008/11/holes-in-the-firewall/208204/
