For market discipline to constrain risk effectively, financial institutions must be allowed to fail. Under optimal financial regulatory and financial system infrastructures, such a failure would not threaten the overall system.
Is there any more important problem than our lack of need-based scholarships? I think not.
In our national mythology, we seem to include only one-way migrations to the great capitol cities. The journey from the small Wisconsin town or Minnesota city to Chicago or New York or Los Angeles. Certainly for some people, that journey is a round trip.
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