No one needs to remind us of the cataclysmic U.S. economic crisis and resulting great recession beginning in 2008, primarily caused by excessive speculation in housing mortgage financing and the leveraging of exotic financial instruments.
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Last September, in arguing against passage of the Emergency Economic Stabilization Act that created TARP, I hedged:
Government action is absolutely n...
Doubts about the federal government's ability -- and willingness -- to reign in excessive executive compensation have persisted since October of last year. Now, the tables have turned.
The American public was sold on TARP -- the Troubled Assets Relief Program -- based on the idea that the funds would be used to buy up, well, troubled assets.
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