My take: if it's "too big to fail" they need to create a "living will" to direct how to liquidate the company when it does fail. This avoids a sudden, unexpecte

My take: if it's "too big to fail" they need to create a "living will" to direct how to liquidate the company when it does fail. This avoids a sudden, unexpected shock to the system and any resulting dislocations. In my mind it's debatable that something like that can be done practically, or that a "living will" would really work in practice. I am reminded of the "duck and cover" drills from my youth. Still, something needs to be done.