The National Scene - Thursday, November 6, 2008 14:06 - 0 Comments

U.S. economy needs more than a bailout of Wall Street

The level of government intervention resulting from the financial crisis has no recent precedent in this country. It was reported by Forbes that the sum of the liabilities assumed by federal authorities during the past six months–from transactions involving mortgage giants Fannie Mae and Freddie Mac, the insurer AIG, investment bank Bear Stearns and 11 failed regional banks–now exceeds 50% of gross domestic product. That’s a scary situation.

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