"Los rescates, el programa TARP, 700 mil millones de dólares entregados a Wall Street para limpiar un desastre que Wall Street había creado. AIG fue rescatada por la Reserva Federal y luego pagó a Goldman Sachs 13 mil millones de dólares a cien centavos por dólar. La Fed abrió la imprenta. Billones de dólares creados de la nada. Riesgo y recompensa totalmente desacoplados." "The bailouts, the TARP program, 700 billion dollars handed to Wall Street to clean up a mess Wall Street had made. AIG got bailed out by the Federal Reserve and turned around and paid Goldman Sachs$13 billion at hundred cents on the dollar. The Fed opened the printer. Trillions of dollars created out of thin air. Risk and reward fully decoupled."
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… l failed, which was the biggest bank failure in American history. Within 72 hours, the entire global financial system was teetering on the edge of total collapse. The world had never seen anything like it. And what happens next, as we all remember, was one of the largest transfers of wealth from the public to the financial sector in human history. The bailouts, the TARP program, 700 billion dollars handed to Wall Street to clean up a mess Wall Street had made. AIG got bailed out by the Federal Reserve and turned around and paid Goldman Sachs$13 billion at hundred cents on the dollar. The Fed opened the printer. Trillions of dollars created out of thin air. Risk and reward fully decoupled. The banks that caused it got rescued and the taxpayers who funded the rescue got a slow grind of inflation and loss savings stretched over the next two decades. So that was the world late 2008. Faith in the financial system was at the lowest point since the Great Depression. Anybody paying attention could see what was happening. The rules of the g …
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