In mid-September, as the credit crisis swirled around Wall Street, I wrote a column recommending that Hank Paulson, the former US Treasury secretary, refrain from bailing out Lehman Brothers. He did indeed let the investment bank go under, and the rest is history.
Looking back, I still think Lehman should have been allowed to fail, but I was wrong not to grasp that it had to be done in an orderly way. Once the chances of a private sector takeover were exhausted, intervention was required to prevent chaos.
Now we are back where we started, this time with large commercial banks instead of Wall Street brokers.
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