A few moments ago, the House of Representatives votes against what has been described as the “Mother of All Bailouts” and the response on Wall Street was immediate panic and fear.
Of course ya bail me out
Below is a quick list of bailouts that have happened during my lifetime I am not saying that this list is in anyway complete.
The Continental Illinois National Bank and Trust Company – bad loans – $4.5 billion
The Savings and Loan Crisis – 747 savings and loan associations – bad loans and deregulation – $120 billion
Executive Life Insurance Company – financial problems led to insolvency – exact amount unknown
Long-Term Capital Management – failed hedge fund, due to lack of regulation – $525 million in private equity
Bear Sterns – subprime mortgage hedge fund – Federally funded loan of $1.2 billion to JP Morgan, non-recourse, of course.
Fannie Mae and Freddie Mac – subprime mortgages and general malfeasance – could reach $200 billion
American International Group – bad investment policies, mainly mortgage-backed securities – $85 billion bridge loan.
Bradley Robb likes TV and books, and has an intense dislike for cinnamon. Once, Bradley stopped a Soviet T-60 with his middle finger. Bradley writes speculative fiction and edits Fiction Matters, and never really got the hang of talking about himself in the third person.
Fannie Mae and Freddie Mac – subprime mortgages and general malfeasance – could reach $200 billion ———————————— this one hit me the most…