Bailouts

Snublede over den her vidunderlige kommentar på makrobloggen The Big Picture:

I have this image in my mind of an American cowboy: Rugged, independent, self-reliant.  I picture him on a cattle drive, depending upon only his own wits, his horse, and his trusty Winchester to get by.

This vision of the American past is fast becoming a myth, rendered moot by the present day cowboys. The difference between the two — not the smell, which is surprisingly similar — is that the current cowboys have a different cavalry in their back pockets: Uncle Sam.

Indeed, as time goes on, we have become less independent, and more reliant upon the Federal Government — especially the Federal Reserve — for Bailouts.

I’ve been pondering this for some time now, and the longer I think about, the longer the list grows.

Consider the following:

  • - Great Depression
  • Chrysler (1979)
  • - Steel Industry (date ?)
  • - National Flood Insurance
  • - Savings and Loan Crisis (1980s)
  • - Long-Term Capital Management (1998)
  • - Farm Subsidies (run amuck)
  • - Airlines (post 9/11)
  • - Dot Com crash (2001)
  • - Hurricaine Hugo, Andrew, Katrina, and other not-so natural disasters (1989, 1992, 2005)
  • - Housing (2007)
  • - Bear Stearns (2008)
  • - Sub Prime (continuing)

What other bailouts have I missed?

There must be dozens. I am particularly interested in those situations where the profits were private, but the assumption of risk is public.

Og så var der også den her dejlige udtalelse i kommentarfeltet :-)

how many welfare queens does it take to equal 1 Bear Stearns? 1 S&L Bailout? 1 Airline Bailout?

And, hey, at least the welfare queens are adding to the actual economy when they buy food and goods for themselves and their kids.

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