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.
Thus the use of fiat money is more justifiable in financing a depression than in financing a war.
To Republicans I humbly suggest that we make it possible for Democrats to give up their quest for redistribution of income and wealth by our acceptance of an appropriate role for government in financing those public goods and services necessary to secure a social safety net below which no American would be allowed to fall.
In addition to their power over government based on government financing and personal influence bankers could steer governments in ways they wished them to go by other pressures.