Thank you.
I certainly agree with what I think you said: that a bank tax that created a fund for future financial crises would constitute moral hazard, and that funds built up within banks, based on their own capital, are better. I think that's what you said.
But I have a question about “too big to fail”. I read in the latest Economist magazine where they were claiming that one justification for a bank tax was that the big banks get a lower interest rate because they are perceived to be too big to fail, and that this could justify a tax. I guess partly I'd like to ask you if you agree with that point of view.
But more importantly, The Economist went on to say that a better solution is to do something about the too-big-to-fail challenge; I know that is a challenge and I know people are working on that. So my question to you is, do you think there is some sort of resolution in sight and that means can be found so that large institutions may no longer be seen as too big to fail?