Tuesday, March 24, 2020
Bailout is a dirty word. The Merriam-Webster dictionary defines bailout as "a rescue from financial distress." So it is accurate to call the $1 trillion-plus package being debated in Congress a bailout. But let's not call it that this time. During the 2008 financial crisis, after the world economy was brought to its knees, the federal government had to prop up U.S. banks despite their destructive behavior. Hundreds of billions of dollars of taxpayer money flowed into the financial system to prevent a total collapse. Millions of people lost homes, jobs and their livelihood. An entire generation is still trying to come to terms with the repercussions of that time.
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