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A Really Bad Precedent #663-2

May 7, 2015No Comments

The News Behind the News: The Bear/Stearns bailout set the stage for expanding the safety net to all the major financial institutions that were in trouble.

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Author Vern McKinley explains how the major banks lobbied to get government support for their tremendous losses in the 2007-2008 Great Recession. He identifies the major players who cried “the sky is falling,” predicting the collapse of the entire world economy if the Federal Government failed to bail them out. In his book, he documents how there was no evidence that the failures of the big banks would have any long term effect on the economy.

 

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