Quote of the Day

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From Alan Greenspan, on the size of U.S. banks:

If they’re too big to fail, they’re too big.

Interesting.  On the one hand, Greenspan is really on the side of the angels here.  “I don’t think merely raising the fees or capital on large institutions or taxing them is enough,” he says.  If they’re too big, we need to just chop ’em down to size.  On the other hand, he’s also using this as an opportunity to slag his successors for creating the moral hazard of too-big-to-fail in the first place: “When push came to shove, they didn’t stand up,” he says of the decision last year to rescue Fannie, Freddie, and AIG.  But it’s pretty hard to believe that if Greenspan had still been Fed chair at the time, he would have risked allowing the financial system to melt down.  And the “Greenspan put” predates the “Bernanke put” by many years.

Still and all, it’s interesting that Greenspan, of all people, is willing to endorse an idea that’s apparently too radical for current officeholders to even think about.  It’s sort of like all those out-of-office Republicans who say they’re in favor of healthcare reform now.  I guess it’s a lot easier to buck the tide when you’re not the one holding the bag.

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Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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