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‘The Maestro’ central-planned the American economy for close to 20 years.
The bailout machine he built is now a permanent feature.
The Fed’s ‘lender of last resort’ function is a permanent standing bailout for bankers.
Alan Greenspan may be gone, but the bailout machine keeps growing.
Fixing it is easy: just announce the Fed won’t bail anybody out; and if a bank fails, it’s sold for scrap to more prudent bankers.
Of course, that would set off an instant crisis (meaning it will not happen).
The best Kevin Warsh can do is try and limit bailouts.
Peter St Onge, Ph.D. (26 June 2026)
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