End Bailouts—No Ifs, Ands, or Buts

It's hard to imagine, but it looks like the beleaguered U.S. housing market faces further travails. And that means the financial system could be entering another perilous phase, especially since the economy continues to sputter. But this time around the U.S. Treasury and the Federal Reserve should send a clear message up front to the top brass at big financial firms: no more bailouts.

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