Bailouts have invariably been failures; why do some liberals still consider them as solutions?
The 2008 financial disaster was a bailout attempt through a whole assortment of action:
The takeover of banks. The takeover of Fannie Mae and Freddie Mac. The takeover of AIG.The Troubled Asset Relief Program (TARP) to buy bad mortgages from banks. The Public-Private Investment Program to buy the same troubled assets. And the takeover of GM and Chrysler.
We had perfectly good operating car companies in the US to pick up business and relocate jobs. Still, the Obama administration had to bail out General Motors and Chrysler. That helped their powerful union but did little else for the economy. Ford and others in the industry operating in the U.S. were able to carry on without bailout help.
The government pumped out money. Federal Reserve funds were priced down to practically nothing in the banking system.
All this outlay cost trillions upon trillions and with little success to show for it, compared to what would have happened if the politicians and their experts sat on their hands. ( See the Earl J. Weinreb NewsHole® comments.)
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