In the aftermath of the Great Recession, different groups - banks, industries, people - got bailed out in different ways. We discuss the concentration of wealth in the US and what can be done to help those most in need.
30 Issues in 30 Days is our election year series on the important issues facing the country this election year. Today: A look at the current state of the financial sector, including big banks, borrowers and lenders and the housing market. Visit the 30 Issue home page for all the conversations.
Yesterday in Washington, lawmakers from both sides of the aisle were talking about the structure and behavior of big banks. Tim Geithner offered testimony about the LIBOR rate-fixing scandal. And comments by a former Citigroup CEO led to buzz about the return of Glass-Steagall, which prevented banks from getting too big. Wall Street Journal economic policy reporter Damian Paletta discusses the latest.
Bloomberg News reports what the Federal Reserve wouldn't: that the United States' central bank committed $7.77 trillion to bailing out the financial industry in the wake of the 2008 crisis, netting banks $13 billion in profits in the process.
The Fed's bailout package was more than ten times ...
John Heilemann, national political columnist for New York Magazine and co-author of Game Change: Obama and the Clintons, McCain and Palin, and the Race of a Lifetime (Harper, 2010), talks about the politics of financial reform and other current news.