Did The Bank Bailout Work?
Tuesday, March 30th, 2010A few months ago, the crumbling global economy was atop the
agenda of many G20 leaders. Social unrest, banking sector
meltdown, global growth conundrum, and stock market yo-yos were
the main discussion topics among the planetary leadership.
Governments the world over addressed the most imperative issue,
the banking pandemonium, with massive cash inflows into a sector
that hitherto epitomized capitalism at its best (and worst),
with a modus operandi more akin to central intervention in
communist economies.
The global tab ranges from 4 to 5 trillion US dollars according
to the most optimistic estimates, but the overall costs may run
higher in the future.
The financial rescue of the ailing banking sector, in principle,
was the right course of action and various experts across the
political spectrum saw eye to eye on its criticality, including
the staunchest free-market theorizers who routinely treat as
leftist energumens out of the antediluvian era those who dare
buck conventional wisdom regarding the role of government in
social economics.
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