There is a popular myth that the 2008 financial crisis was caused by deregulation and greed on Wall Street with the government stepping in to save the day. In this clip from Corporate Welfare: Where’s the Outrage, Johan Norberg interviews retired BB&T CEO John Allison on the true causes of the crisis. Allison explains how the distorting and chaotic behaviors of the federal government set the stage for a housing market crash and then propelled it into a full-blown banking crisis. Learn the little-known history of federal housing policies that aspired to help the poor and instead bankrupted a nation. See how amidst the crash, the regulators reneged on legal contracts and forced 700 billion in taxpayer revenue on good banks that didn’t need it.
Corporate Welfare: Where’s the Outrage? – A Personal Exploration by Johan Norberg explores what happens when government policies support big business interests at the expense of small businesses, individuals, and local communities.
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