Today’s financial malaise for pension funds, state and local budgets and underemployment is largely a result of the 2008 bailout, not the crash. What was saved was not only the banks – or more to the point, as Sheila Bair pointed out, their bondholders – but the financial overhead that continues to burden today’s economy.... Read More

The Lehman Brothers default on September 15, 2008, was the biggest incident of financial terrorism in US history. When Secretary of the Treasury Henry Paulson and Fed chairman Ben Bernanke convened an emergency meeting with leading members the US Congress and their aides on September 18, 2008, they had already developed a “break the glass”... Read More