Questions from a Bailout Eyewitness, Gretchen Morgenson brings up some behind the scenes insight about the Bailout in this blog post on the NY Times. Morgenson specifically draws from Sheila Blairs experiences with working on the bailout. Thoughts?
I wish I could say that it was hard to believe that Ms. Bair was handed a script when she walked into Henry M. Paulson Jr's office, but in fact it isn't very hard to believe at all. This article only supports the ideas of government bias towards the wealthy elite, something that should be changing as we try to achieve a greater amount of equality. I would like to see some of the 13 elements discussed in Ms. Bair's book implemented to see how they would improve the overall financial well being of the U.S. banking system.
I wonder how long we will keep seeing the echos from the decision of the bail out. The insight and analysis keeps getting more and more in depth on the issue as this article shows. As the general public gets more and more information like this, I would find it hard to think this course of action will be taken again.
What an interesting article! When we think about the bail out, we simply think about the government bailing out big banks that foiled under the financial crisis. The story of everything leading up to the decision is not as common to most people. Bair publicizing her story and the story of the F.D.I.C is giving public audiences a glimpse of the inner workings of our government and monetary system. The tone of this article may be very bias towards Bair’s book, but things such as the lack of regulation put on Citigroup after the crisis and the FED’s initial reaction to want the F.D.I.C. to absorb the losses are unknown to many people. Bair’s book is providing Americans with the transparency they are lacking from the government. If people are going to trust their government to protect them and their rights, there needs to be a greater effort to publicize in the simplest terms what American’s plan of action is during times of crisis.
I wish I could say that it was hard to believe that Ms. Bair was handed a script when she walked into Henry M. Paulson Jr's office, but in fact it isn't very hard to believe at all. This article only supports the ideas of government bias towards the wealthy elite, something that should be changing as we try to achieve a greater amount of equality. I would like to see some of the 13 elements discussed in Ms. Bair's book implemented to see how they would improve the overall financial well being of the U.S. banking system.
ReplyDeleteI wonder how long we will keep seeing the echos from the decision of the bail out. The insight and analysis keeps getting more and more in depth on the issue as this article shows. As the general public gets more and more information like this, I would find it hard to think this course of action will be taken again.
ReplyDeleteWhat an interesting article! When we think about the bail out, we simply think about the government bailing out big banks that foiled under the financial crisis. The story of everything leading up to the decision is not as common to most people. Bair publicizing her story and the story of the F.D.I.C is giving public audiences a glimpse of the inner workings of our government and monetary system. The tone of this article may be very bias towards Bair’s book, but things such as the lack of regulation put on Citigroup after the crisis and the FED’s initial reaction to want the F.D.I.C. to absorb the losses are unknown to many people. Bair’s book is providing Americans with the transparency they are lacking from the government. If people are going to trust their government to protect them and their rights, there needs to be a greater effort to publicize in the simplest terms what American’s plan of action is during times of crisis.
ReplyDelete