Badlands Book Club: The Creature From Jekyll Island - Chapter 4
CannCon and Ashe in America hit Chapter 4 of G. Edward Griffin's The Creature from Jekyll Island and the target this week is the Savings and Loan industry. Griffin walks through how government housing subsidies starting in the 1930s pulled real estate out of the free market, created perverse incentives for reckless lending, and ultimately produced a bailout that cost American taxpayers the equivalent of $1.5 trillion in today's dollars. The FSLIC collapses to 2/10ths of a penny per insured dollar. The Federal Reserve bypasses Congress entirely to bail out Lincoln Savings. Accounting gimmicks…
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