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We judged that a sudden, disorderly failure of Bear would have brought with it unpredictable but severe consequences for the functioning of the broader financial system and the broader economy, with lower equity prices, further downward pressure on home values, and less access to credit for companies and households. ↗
It was a mistake. I was wrong, but I discovered this many years later. I was acting on the basis of this mandate given me by the most important leaders of the world: President Bush's father, prime minister of France, President Mitterand, the Chinese, everybody. ↗
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