 | |
| Resident Fellow
Alex J. Pollock | |
Sir, One day Bear Stearns was "denying that Bear faces a liquidity crisis or has lost the faith of traders" (
"Bear Stearns' exposure to ailing funds worries shareholders", March 14)--and the next day it needed a bail-out.
As Walter Bagehot explained so perfectly in 1873: “Every banker knows that if he has to prove he is worthy of credit . . . in fact his credit is gone.”
Alex J. Pollock is a resident fellow at AEI.
(9)
|
Sunday, November 22, 2009
EMAIL
PRINT
SAVE