Fed’s Hoenig: “Too Big to Fail” a Farce

"In surprisingly blunt criticism of both the government and his colleagues, Federal Reserve Bank of Kansas City chief Thomas Hoenig argued that “insolvent firms must be allowed to fail regardless of their size, market position or the complexity of operations.” His Congressional testimony Tuesday morning to the Joint Economic Committee provided some of the strongest criticism of the government bailout yet by any major figure within the Federal Reserve."