The Wall Street Bailout: A Financial Coup d’etat

The Emergency Economic Stabilization Act and Troubled Asset Relief Program (TARP), commonly referred to as a “bank bailout,” authorized the US Secretary of the Treasury to spend $700 billion (actually spent more than double that) of taxpayer dollars to purchase distressed assets, especially mortgage-backed securities (MBS). Instead, the funds were given to foreign and domestic banks to […]

The Commodity Futures Modernization Act Signed into Law by President Bill Clinton which Deregulated Derivatives & Caused the 2008 Crash

In the waning days of the 106th Congress and the Clinton administration, Congress met in a lame-duck session to complete work on a variety of appropriations bills that were not passed prior to the 2000 election. There were other, unmet pet priorities of some lawmakers that were under consideration as well. One of those pet […]