Following Iain Murray’s farewell to 2008′s bailout-o-rama, Former CEI Brookes Fellow Tim Carney, in his Washington Examiner column, bids farewell to “The Year of the Bailout”:
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.
Unfortunately, there’s probably more to come.
For more on bailouts, see the site (co-sponsored by CEI) BeyondBailouts.org.
Happy New Year!
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What most people don't know is that many Fed, state, and local vehicles which were purchased after Chrysler's bailout were in fact Chrysler products. So, "We the People" paid for the bailout in the long run. I'm sure that the political hacks put the pressure where they could in order to cause the various levels of government to "Buy Chrysler".I don't think we will ever get out from under the thumb of big government.
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