The Fed's Response to the 2008 Playbook

The last time the Fed allowed banks to go bust, it precipitated a full on global financial crisis. John Avlon: The worst thing we can do now is allow a bank to bust imperial to positives, imperial to system. If JP Morgan goes bust, it's the entire assistance over; they have bet the house not just in JP Morgan but also two other big banks.Avlon: We're saying we would prefer a banking system that looks like what we call in economics and oligopoly - which is a few big players running the show.