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Thug Rule in Washington

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Thug Rule in Washington

Bank of America CEO Ken Lewis has sparked controversy in his recent testimony to regulators. Lewis has revealed that he was threatened, by then-Treasury Secretary Hank Paulson and Chairman of the Fed Ben Bernanke, to buy Merrill Lynch, a company drowning in financial losses of billions of dollars. Lewis explained that Paulson and Bernanke presented […]

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Blank-and-Effect: The Economics of Pragmatism

In the latest of a series of new government interventions into the economy, President Bush announced a new plan to bail the financial industry out of hundreds of billions of dollars of bad assets. This follows an $85 billion bailout and effective takeover of the nation’s largest insurance company, as well as a several-hundred billion […]