Treasury Secretary Tim Geithner is just bursting with pride over the government’s bailout of the nation’s large banks during (and beyond) the 2008 financial crisis. By Mr. Geithner’s estimation, the intervention will only cost around 1 percent of U.S. GDP — pretty cheap as far as systemwide emergency procedures go. The New York Times Read More
The Federal Reserve’s $3.3 trillion in bailout maneuvering during the past three years of financial apocalypse has been complicated, and so it’s difficult to isolate one particular “winner” from the many, many institutions who benefited from the central bank’s largesse. But let’s give it a shot anyway.
Congress has instructed the reluctant Federal Reserve to reveal the details of its $3.3 trillion in assorted emergency transactions during the credit crisis, and today we get to find out who were the lucky winners of the Great Central Bank Bailout Sweepstakes of 2007 and Beyond. (For perspective, under the much-maligned TARP, the Treasury Read More
Apparently Bloomberg BusinessWeek has a severe beef with the very idea of any future government bailouts of U.S. financial firms. Readers who use an RSS reader have seen Chris Farrell’s Monday evening missive titled “End Bailouts — No Ifs, Ands, or Buts” cycle before their eyes untold times today.
The Observer wouldn’t have Read More