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Sunday 12 December 2010
And learn some startling truths about just how big the bailout of 2008/2009 was in order to avoid the meltdown.
After refusing to provide the American publich the information of just who was getting what help from the Federal Bank, some resourceful senators – including a self-professed socialist senator from Vermont - managed to get legislation passed that forced this disclosure with respect to the support given to American banks, American blue chip companies, and foreign banks.
The amount of support was a stunning $3.3 trillion, much more than the hotly debated $800 billion stimulus package.
In Canada the bank support is also far more than the stimulus package.
The Cat agrees that the support to these American recipients was needed to prevent an even more massive implosion of the international financial system.
However, I share Senator Bernie Sanders' view that the US government did not negotiate the proper disclosure, regulatory and system-changing deals that would have helped prevent future meltdowns, at the time of handing out $3.3 trillion government support.
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