I don’t disagree - I think Lehman Brothers was a great example that you can have a giant bank go under. The productive assets of Lehman were back at work within

I don’t disagree - I think Lehman Brothers was a great example that you can have a giant bank go under. The productive assets of Lehman were back at work within six months and the value destroying units disappeared. I think had the Fed/Treasury let Bear Stearns go bankrupt instead of making JPMC swallow them (same for BofA and Merrill Lynch) it might have ripped the band aid off, rather than dragging it out. But importantly — bailing out the banks isn’t really bailing out the banks, it’s bailing out the banks’ creditors.