Bondholders are the people who worry about downside risk, not equity holders. And I think the bailing out of bondholders and creditors generally is allowed a set of interlinking lending to each other that creates systemic risk. The consequences of it are we don't fully appreciate where that's headed. If you try to measure something like consumer surplus from Facebook, it's really quite high.
Author and economist Tyler Cowen of George Mason University talks about his book, Big Business, with EconTalk host Russ Roberts. Cowen argues that big corporations in America are underrated and under-appreciated. He even defends the financial sector while adding some caveats along the way. This is a lively and contrarian look at a timely issue.