'A year ago we had all these policy bullets,' he said. 'We could push down rates to zero, we had (quantitative easing), we could do a budget deficit of 10 percent of GDP (or) backstop the financial system.'Rome didn't collapse in a day, but Rome didn't have interdependent banks lined up like dominoes. What's the over-under on the European Union unraveling in a day?
'Banks at this point are too big to fail, but also too big to be bailed, especially in Europe where the sovereigns are in trouble and therefore the ability to backstop the financial system is not there,' he said.
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