One Year On: A Look at the Bailout

Friday, September 11, 2009


A year ago this weekend, the U.S. financial system was teetering on the brink of collapse. As we approach the anniversary of Lehman Brothers' bankruptcy and Bank of America's acquisition of Merrill Lynch, we take a look back at the Emergency Economic Stabilization Act of 2008: the $700 billion federal effort to bail out the U.S. banking system. We speak with Elizabeth Warren, Harvard Law School professor and the chairwoman of the Congressional Oversight Panel monitoring the bailout. (Read the full interview transcript, or check out all the stories in this series.)

"He was not only not right, he wasn't right at the moment he said it, and he knew he wasn't right."
—Elizabeth Warren, chair of the Congressional Oversight Panel, on former Treasury Secretary Hank Paulson's assertion that there "[was] no reason to believe this [bailout] program will cost taxpayers anything"


Elizabeth Warren


Clancy Nolan

Comments [1]

MK Ultra

Yeah, this is great! I'm so glad we've been saved from the brink of the abyss. Perhaps, Timmy boy would care to define who "we" are. Whether he's referring to the "we" who rule supreme on Wall Street or the "we" who're down and out of our luck on Main Street, having lost our jobs, our homes, our life savings, our retirement, our kids' college educations. That definition would put his rosy speech into prospective and remind us all where "we" (the "we them" and the "we we") stand a year after we were saved from the brink of the abyss.

Sep. 11 2009 07:47 AM

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