HSBC, the authorities believe, would benefit the Trade and Development Bank and the whole financial system.
With such a permanent, massive infusion of money, the process of liquidating unresuscitative loans could be undertaken in earnest, without bringing down the whole financial system.
The price was high (a yield of 9.24%), but many others will not find investors at any price until confidence in the whole financial system is restored.
The whole financial system is entwined in counterparty risk.
Rather than distributing risks, there was a pooling of risk in the largest financial institutions that made them very vulnerable and, because of their complex interconnections, very dangerous to the whole financial system.
So weak banks are avoiding the stigma of participating, which weakens the financial system as a whole.
The fee levied on big banks to pay back in whole what was lent to stabilize the financial system is another common-sense proposal that is made on behalf of the taxpayers.
We believe that if we really want to change we have to tackle the financial system as a whole, which we are all either a part of or we are excluded from.
In this apocalyptic frame of mind, your columnist notes that there has been a recent spate of conferences, journal issues and whole volumes examining whether the financial system might be a tad fragile, should disaster strike.
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When share prices collapse, the financial system and economy as a whole are at risk.
Paulson also reiterated that he is committed to taking action in order to protect the financial system and the economy as a whole.
And the question was whether I was going to have a big budget fight, at a time when I was still trying to figure out whether or not the financial system was melting down and we had to make a whole bunch of emergency decisions about the economy.
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One under-reported but highly significant aspect of the whole extraordinary incident is that Mr Dimon announced that he was abandoning a new financial system for monitoring the risks run by the Chief Investment Office and reverting to the old one - because the new model was chronically understating the potential losses the bank could have generated on any given day.
Unfortunately the whole point of financial regulatory reform was to improve access to credit for the middle class and to fix the banking system so the economy can rebound.
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