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America's greatness has been the greatness of a free people who shared certain moral commitments. Freedom without moral commitment is aimless and promptly self-destructive. ↗
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. ↗
In the financial system we have today, with less risk concentrated in banks, the probability of systemic financial crises may be lower than in traditional bank-centered financial systems. ↗
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