By Joe Nocera | The New York Times
The publication of Timothy Geithner’s memoir, “Stress Test,” has caused all the old arguments that were fought during the financial crisis to come rushing to the surface again.
Did the government make a mistake in allowing Lehman Brothers to file for bankruptcy? Was it right to bail out the too-big-to-fail banks despite all the harm they had done to the economy? As Sheila Bair, the former chairwoman of the Federal Deposit Insurance Corporation, put it in her review of “Stress Test”: “Tim’s book has reinvigorated a much-needed debate about whether our financial system should be based on a paradigm of bailouts or on one of accountability.”
(Editor’s note: Opinion pieces are posted only for purposes of discussion.)
