One of the most tumultuous weekends in Wall Street's history began Friday, when federal officials decided to deliver a sobering message to the captains of finance: There would be no government bailout of Lehman Brothers Holdings Inc.
Officials wanted to prepare the market for the possibility that Lehman could simply fail. The best way to do that in an orderly way would be to get everyone together in a room.
If the government continues to bail out failing financial institutions (at taxpayer expense) they will never learn from their mistakes; they will never learn ton keep their greed within reasonable limits; they will never learn that in the long run, deceptive and abusive lending practices are bad for everyone themselves included.
Bank failures are a good thing in the context of forcing the evolution of better systems of finance, as it is clear that the current economic system is deeply flawed.