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itwillneverhappen,butbothsupportersandopponentsofthebigbankregulatorybillcouldjustdecidetobestraightwiththeamericanpeopleandconcedethatthereisabsolutelynowaytoeliminatethisideathatsomefinancialinstitutionswillalwaysbetoobigtofail.Unfortunately,neithersideiswillingtotellthetruthbecause,likejacknicholsoninafewgoodmen,theythinkwecanthandlethetruth.So,werestuckwithanargumentthathasbeenragingforaquarter-centuryoverhowbesttoputanuglygeniebackinthebottle.Unfortunately,theargumentcannotbesettledbecausethegenie--modernfinance--isforeverfree.Still,supportersofthependingsenateregulatorybillinsisttheyarebuildinganapparatusthatwillpreventbailoutsofgiantcompaniesinthefuture--nevermindwhetherthemoneywouldcomefromtaxpayersorfromotherbanks.Theysaythenewregulatoryregimeisdesignedtoguardagainstthesortofexcessthatledtotherecentunpleasantness.Andintheunlikelyeventthatsomecompanydoesgetinsodeepthatitspotentialfailurewouldjeopardizetheentirefinancialsystem,therewillbeaprocessinplacetotakeitapartinanorderlyfashion,sparingthenationanothereconomicnightmarewhileensuringthatthereisnogreatermoralhazardgrowingoutofagovernment-managedsafetynet.Opponentsscoff.Creationofamethodtoisolateandwinddownbigfailingfinancialcompanieswillmerelyensurethatsomewillgetfavoredtreatmentinthefuture,theysay.Theirpreferenceis:letthenextlehmanbrothersthatthreatenstocollapseundertheweightofstupidinvestmentsgothroughwhatthelastonedid--bankruptcy.Shareholdersandcreditorsmustbepunishedfortheirmistakes.Ifthelegalprocessworksforairlinesandmanufacturers,itsurelycanworkforbanks.Thecriticspointisbothsimpleandelegant.Itappealstoanunderlyingbeliefinmarketdisciplinethatispermeatedwiththeideathatpeoplemustbeheldtoaccountfortheirbusinessdecisions.Politicscarriesitastepfurthertosayitsexpensive,unfairandimmoraltorequiretaxpayerstobearcostsassociatedwiththebadbetsoffinancierswhoseonlymotiveisprofit.Theintellectualunderpinningoftheopponentscasehasbeenarticulatedbypeterj.Wallison,atreasurydepartmentcounselintheadministrationofpresidentronaldreaganwhosnowattheamericanenterpriseinstitute.Writingrecentlyinthewallstreetjournal,wallisondefendedthedecisiontoallowlehmantofailinseptember2008.Henotedthatthecompanyscreditors,shareholdersandmanagementalltookseverelossesandthat,18monthstothedayafterfilingitsbankruptcypetition,lehmanoutlineditsescapefromchapter11.Itwas,hesays,asuccess.Inevitableconsequenceswallisonsisaconvenientlyblinkeredview.Inhisjournalarticle,heignoredthefactthatthedayafterlehmanwentbust,thefinancialworldfroze,andthefederalreservereluctantlyconcludedthatitsonlyoptionwastowriteahugechecktokeepamericaninternationalgroupafloat.Soon,congresshadenactedthetroubledassetreliefprogram,thefedhadpumpedinmorethan$1trilliontokeepcreditflowingandwefoundourselvesagaindebatingtheconsequencesoftoobigtofail.Theunansweredquestioniswhetherlehmanscreditorswouldhavebeenabletowithstandtheirlossesiftheyhadntbenefitedindividuallyandcollectivelyfromthetarpandfedrescueefforts.Criticsofthesenatefinancialregulationbillsaythefedsactionsandtarpweremistakes.Theworldsfinancialenterprisescouldhaveweatheredthehurricaneforceofcreditorsbeinghammeredforhavingmadequestionableloanswithoutperformingduediligence.Ifnot,thenthey,too,shouldhavebeenallowedtofail.Theaftermathwouldhavebeenugly,butnotdevastating,theysay.Andtheresultwouldhavebeenaseachangeinthewaywedobusiness.Nolongerwouldcreditors--suchas,say,goldmansachs--thinktheycouldparticipateinadubiousenterpriseknowingthattheywouldbekeptwholeiftherooffellin.Theproblemisthatagreatmanysmartpeople--fromallpointsontheideologicalcompass--dontbelievethisforaminute.Paula.Volcker,alangreenspan,henrym.Paulsonjr.,Bens.Bernankeandtimothyf.Geithnerhaveallregardedtheirjobsasbeingstewardsoftheeconomyaswellasoftheirinstitutionsandthetaxpayer.Allcametofearsystemicriskwhentheyheldthetiller.Itseasytosaytheyaremerelydefendingtheirworld.Butbernanke,thestudentofthegreatdepression,didntwantthesecondoneonhiswatch.Hisresponsetothefinancialcrisiswasnodifferentthanwhatsbeingdonetodaytoshoreupgreece.Whatshouldbeevidentisthatmainstreetthrivesonthesamesourcesofcreditthatfuelwallstreetsexcesses.Congresscanworktoreininthebigbanks.Anditcanwriteprotectionsfortaxpayers.Butfinanceistoofastandfurious,andtooselfish,forustobelievethatallowingalehmanoranaigtofailwillneverhavebroaderconsequences.Therewillbemorebailouts.Itstheworldwelivein.Clickheretoseemorepoliticaleconomycolumns

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