Bank Failures Skyrocket
How many banks failed from the year 2000 to December 2008?
How many banks failed from January 1, 2009 until August 2009?
The question, what was the purpose of the bank bailout stimulus?
The United States Congress crammed down American’s throats the bank bailouts under the pretense that the economy would collapse if bailouts did not pass. 93% of Americans strongly opposed the bank bailouts and Congress said, in essence, shove it up your ass as they passed the bailouts.
What was the purpose of the bank bailout? The synopsis on Wikipedia states:
The Emergency Economic Stabilization Act of 2008, commonly referred to as a bailout of the U.S. financial system, is a law enacted in response to the subprime mortgage crisis authorizing the United States Secretary of the Treasury to spend up to US$700 billion to purchase distressed assets, especially mortgage-backed securities, and make capital injections into banks. Both foreign and domestic banks are included in the bailout. The Federal Reserve also extended help to American Express, whose bank-holding application it recently approved.The Act was proposed by Treasury Secretary Henry Paulson during the global financial crisis of 2008.
Then why did 7 banks fail from the year 2000 through 2008 and since the bank bailout was passed from January 1, 2009 until August 2009 there have been 57 bank failures? See bank failures.
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