Bailout Nation

Monday, March 24, 2008 | 06:30 PM

I have this image in my mind of an American cowboy: Rugged, independent, self-reliant.  I picture him on a cattle drive, depending upon only his own wits, his horse, and his trusty Winchester to get by.

This vision of the American past is fast becoming a myth, rendered moot by the present day cowboys. The difference between the two -- not the smell, which is surprisingly similar -- is that the current cowboys have a different cavalry in their back pockets: Uncle Sam.

Indeed, as time goes on, we have become less independent, and more reliant upon the Federal Government -- especially the Federal Reserve -- for Bailouts.

I've been pondering this for some time now, and the longer I think about, the longer the list grows.

Consider the following:

- Great Depression

- Chrysler (1979)

- Steel Industry (date ?)

- National Flood Insurance

- Savings and Loan Crisis - RTC (1980s)

- 1987 Crash

- GSEs: Fannie, Freddie & Sallie

- Legislative Bailouts (SLRA, TCRA, CFMA, Med Part D)

- Long-Term Capital Management (1998)

- Farm Subsidies (run amuck)

- Airlines (post 9/11)

- Post "Dot Com" crash (2001)


- Hurricane Hugo, Andrew, Katrina, and other not-so natural disasters (1989, 1992, 2005)

- Housing (2007)

- Bear Stearns (2008)

- Sub Prime (continuing)

What other bailouts have I missed?

There must be dozens. I am particularly interested in those situations where the profits were private, but the assumption of risk is public.


What say ye?

Monday, March 24, 2008 | 06:30 PM | Permalink | Comments (91) | TrackBack (0) add to | digg digg this! | technorati add to technorati | email email this post



TrackBack URL for this entry:

Listed below are links to weblogs that reference Bailout Nation:



Posted by: cynicalgirl | Mar 24, 2008 6:34:09 PM

The comments to this entry are closed.

Recent Posts

December 2008
Sun Mon Tue Wed Thu Fri Sat
  1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31      


Complete Archives List



Category Cloud

On the Nightstand

On the Nightstand

 Subscribe in a reader

Get The Big Picture!
Enter your email address:

Read our privacy policy

Essays & Effluvia

The Apprenticed Investor

Apprenticed Investor

About Me

About Me
email me

Favorite Posts

Tools and Feeds

AddThis Social Bookmark Button

Add to Google Reader or Homepage

Subscribe to The Big Picture

Powered by FeedBurner

Add to Technorati Favorites


My Wishlist

Worth Perusing

Worth Perusing

mp3s Spinning

MP3s Spinning

My Photo



Odds & Ends

Site by Moxie Design Studios™