This excerpt originally appeared in U.S. News & World Report on June 26, 2012.

Spain's likely bailout is yet another sign of a major change in the rich economies: Bank bailouts are with us forever. But, is the age of bank bailouts good news or bad news? It's great news for those who want government to provide safety nets; megabanks and their customers now have a durable safety net. I sleep better at night knowing my cash is stored at government-backed Citibank. However, it's bad news for those who want a more prosperous future.