Michael Lewis explains why Ben Bernanke and Hillary Clinton were wrong to bail out the banks. Subscribe To "The Late Show" Channel HERE: For more content from "The Late Show with Stephen Colbert", click HERE: Watch full episodes of "The Late Show" HERE: Download the Colbert App HERE: Like "The Late Show" on Facebook HERE: Follow "The Late Show" on Twitter HERE: Follow "The Late Show" on Google+ HERE: Watch The Late Show with Stephen Colbert weeknights at 11:35 PM ET/10:35 PM CT. Only on CBS. Get the CBS app for iPhone & iPad! Click HERE: Get new episodes of shows you love across devices the next day, stream live TV, and watch full seasons of CBS fan favorites anytime, anywhere with CBS All Access. Try it free! ...(read more)
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The 2008 financial crisis had far-reaching impacts on the global economy, and one of the most significant events was the bailout of banks by the US government. However, according to Michael Lewis, the writer of "The Big Short," the bank bailout was a mistake. In this article, we will explore his reasons for this belief. In "The Big Short," Michael Lewis wrote about the few who predicted the 2008 financial crisis and profited from it. The book provides an in-depth look at the conditions that led to the collapse of the housing market and how the banking system played a significant role in the crisis. According to Lewis, the bank bailout was an attempt to save the banks from the consequences of their actions, which were a result of greed and a lack of oversight. Lewis believes that the bank bailout was a mistake because it allowed the banks to escape the consequences of their actions. The government's decision to bail out the banks was a way of preventing them from going bankrupt, but it also prevented them from learning from their mistakes. Lewis argues that if the banks had been allowed to fail, it would have sent a powerful message to the financial industry that there are consequences for engaging in risky behavior. Furthermore, the bank bailout was unfair to taxpayers who had to bear the burden of the banks' failures. The government used taxpayer money to bail out the banks, and this created a sense of resentment among the public. Many people felt that the banks were being rewarded for their reckless behavior while ordinary citizens were left to suffer the consequences. Lewis also believes that the bank bailout perpetuated the notion of "too big to fail." The bailout sent a message that some banks were so large and influential that they could not be allowed to fail, no matter how poorly managed they were. This created a moral hazard because the banks knew that they could take excessive risks without fear of the consequences. As a result, the same conditions that led to the financial crisis continue to exist today. In conclusion, Michael Lewis, the writer of "The Big Short," believes that the bank bailout was a mistake. He argues that it prevented the banks from learning from their mistakes and perpetuated the notion of "too big to fail." The bank bailout also unfairly burdened taxpayers who had to pay for the banks' failures. The lessons learned from the 2008 financial crisis must be taken seriously to prevent similar events from occurring in the future. https://inflationprotection.org/why-the-bank-bailout-was-a-mistake-an-authors-perspective-on-the-big-short/?feed_id=87998&_unique_id=643a8caf00305 #Inflation #Retirement #GoldIRA #Wealth #Investing #cbs #bit #celebrities #celebrityguests #CelebrityInterviews #DaveLetterman #davidlettermanshow #LateNight #latenightshow #latenighttalkshow #LateShow #Monologue #skits #StephenColbert #TalkShow #TheColbertReport #TheLateLateShow #TheLateShow #BankFailures #cbs #bit #celebrities #celebrityguests #CelebrityInterviews #DaveLetterman #davidlettermanshow #LateNight #latenightshow #latenighttalkshow #LateShow #Monologue #skits #StephenColbert #TalkShow #TheColbertReport #TheLateLateShow #TheLateShow
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