Read the whole thing here.
Not too long ago, in fact, at the beginning of 2008, the U.S. had a reputation as a free-market economy in which businesses rose and fell of their own strengths or flaws and to their own profit or loss. But 2008 changed all that. Too be more precise, the administration of President George W. Bush changed all that in 2008.
Americans used to get exorcised any time the federal government considered bailing out private interests. When Chrysler got a $1.5 billion loan in 1979 (about $4.25 billion in today’s dollars), there was an outcry. When the Clinton administration bailed out Wall Street bankers in 1994 with a bailout of the Mexican peso, it was scandalous.But as 2008 wound down, we got bailouts so large and in such rapid succession that we never had time to catch our breath.
Friday, January 2, 2009
2008, The Year of the Bailout
My Examiner column this week provides a sobering look back at 2008.