If it ain’t broke, don’t fix it, says Cato Senior Fellow Gerald P. O’Driscoll Jr. of the country’s banking system. Since more than 90 percent of U.S. banks are doing fine, why all the talk about nationalizing them?
In today’s Cato Daily Podcast, O’Driscoll explains:
If you think the bank is insolvent, certainly it should be resolved. But do we really want to see the government running very large financial institutions? In effect, we already have seen that movie, it’s Fannie Mae and Freddie Mac, and they’re not doing such a good job of it.