Excerpts from the 2004 book, “Too Big To Fail: The Hazards of Bank Bailouts,” by Gary H. Stern and Ron J. Feldman.

In this essay, we first briefly explain why the government’s response to the 2007–08 financial turmoil, although justified, expanded the safety net and exacerbated the existing too big to fail problem.

How to best manage the failure of systemically important financial firms was the theme of a recent conference at which the latest research on the issue was presented. Here we summarize that research, the discussions that it sparked, and the areas where considerable work remains.

Remarks at the New York Bankers Association Financial Services Forum, New York City.

Remarks at the New York Bankers Association Financial Services Forum, New York City.

Remarks at the Eighth Annual BIS Conference, Basel, Switzerland.

Remarks at the Partnership for New York City Discussion, New York City.

Remarks at the Institute of International Bankers Membership Luncheon, New York City, October 13, 2009.

Remarks at the Council on Foreign Relations Corporate Conference 2009, New York City.

Remarks at the 2010 Institute of International Finance Annual Membership Meeting, Washington, D.C.