The debate over Ben Bernanke's reappointment, and his approach to the financial system, may after all have had some impact. In a speech yesterday, Kevin Warsh - the Federal Reserve Board Governor who liaises between Ben Bernanke and financial markets - signaled a major change in Fed thinking regarding "too big to fail".
Warsh was much blunter than we have heard from the Fed in a long while: "Moral hazard in the financial system is higher than any of us should countenance"; "eradicating the too-big-to-fail problem should be the predominant policy goal"; and "in the new regime, no firm should be too big to fail."
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