It has been a year since the Federal government absorbed Fannie and Freddie and crossed, however unknowingly, the Rubicon of nationalizing the consequences of private risk-taking. A few weeks later we had Lehman, and then immediately the drunken fire brigade: Reserve Fund, AIG, the conversion of Goldman and Morgan Stanley, and TARP and its variants. [...]
Archive for September 8th, 2009
Reform Week: Finance Industry
Posted in Finance, Meltdown on September 8, 2009 | 27 Comments »
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