A Reminder: Banking Bailouts

[murstein]

There's a lot of anger that the banks were bailed out, back in the waning days of the Bush Administration. Here's a reminder of why they were bailed out:

Watching the paper markets freeze is a experience I won’t ever forget. There was a palpable sense that we might be watching the end of Western Capitalism

Comments

[seawasp]

But if you can't get at your money, what makes you think Wal-Mart's going to give you shotgun shells?

[murstein]

I think the presumption was that you pull out the fraction of your money the ATM will let you have. But I've only been following that econ blog since early September, so I may not yet have the personalities there nailed down yet.