“Nearly a year after the federal rescue of the nation’s biggest banks, taxpayers have begun seeing profits from the hundreds of billions of dollars in aid that many critics thought might never be seen again…. The government still faces potentially huge long-term losses from its bailouts of the insurance giant American International Group, the mortgage finance companies Fannie Mae and Freddie Mac, and the automakers General Motors and Chrysler. The Treasury Department could also take a hit from its guarantees on billions of dollars of toxic mortgages.” (New York Times, Monday)
When can we expect the tax cut?
FEE Timely Classic
“The Fed Didn’t Bail Out Wall Street? It Just Ain’t So!” by Robert Murphy
