When Alan Greenspan orchestrated the bailout of Long-Term Capital Management in 1998, the Wall Street meltdown, which occurred in 2008, was all but assured. From that point, the "safety net" of preventing systemic risk actually became an invitation to profligacy through moral hazard. Vastly emboldening speculators and con artists, the crash, when it did occur, wreaked havoc on everyday Americans while at the same time it profited the money tycoons.
Posted on: Fri, 30 Aug 2013 05:34:37 +0000
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