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As the economy spun out of control in the fall of 2008, many Americans wondered what was going on. In fact, they probably still do wonder exactly what happened.
The truth may be out there, but readers shouldn’t hope to find it by reading “Too Big To Fail,” a massive tome from reporter Andrew Ross Sorkin of The New York Times. He promises an insider account of the economic meltdown, but actually delivers a gossipy report that misses the point.
Sorkin focuses on the mundane and overwrites his supposed revelations....
Big, But a Failure
Heres what worked and what did not.
Bush Adm - Tarp Bail-outs to save Financial System was sucessful.
Obama Adm - General Motors Bail-Out to keep GM out of bankruptcy. - Failed.
Obama Adm - Chrysler Bail-Out to keep Chrysler out of bankruptcy. - Failed.
Obama Adm - Stimulus Package to create Jobs and keep un-employment rate below 8%. - Failed. Unemployment rate tops 10% with 25 million Americans unemployed.
Obama Adm. - Home Mortgage Rescue program - Failed - Spent over $900,000 per house to save $198,000 mortgage.
Obama Adm. - Cash for Clunkers program - Failed - Spent $28,000 per car to provide $4,000 tax credit - GM & Chrysler announced 4th quarter earnings loss.
Obama Adm. - Cap...