The auto one is a bit different. The bailout was the government basically buying the two companies, keeping it running, and later selling for a profit. Lots of rich people lost their shares for pennies on the dollar. I don't remember if the c suite lost any jobs or not.
2008 banks was different too, the banks didn't want the money, the government insisted and the banks paid it all back with interest. But nah should have let the banks collapse.
Yeah it's a strange post overall. European countries didn't bail their banks out as quickly as the US and it's pretty much universally agreed upon that the US had the far better response. Europe basically had a second recession in 2012 and it also played a role in the Eurozone Sovereign Debt Crisis. Not bailing out the banks led to a lost decade for many European countries and especially our youth. Several European countries had youth unemployment rates of 50% due to that.
52
u/Norse_By_North_West 6h ago
The auto one is a bit different. The bailout was the government basically buying the two companies, keeping it running, and later selling for a profit. Lots of rich people lost their shares for pennies on the dollar. I don't remember if the c suite lost any jobs or not.