Rev Austrian Econ (2013) 26:359–362 DOI 10.1007/s11138-013-0213-0 Luigi Zingales, A capitalism for the people: Recapturing the lost genius of American prosperity New York, NY: Basic Book, 2012. xxvi + 310 Pages. USD 27.99 (cloth) Matthew D. Mitchell Published online: 26 February 2013 Springer Science+Business Media New York 2013 In 1971 the federal government guaranteed a $250 million loan to Lockheed Aircraft. It was the first time in history that the federal government had come to the rescue of a single failing firm (or, more precisely, its creditors). By the end of the 1970s, Penn Central Railroad and Chrysler would also receive bailouts. In 1984, it was Continen- tal Illinois. And on the eve of the ‘90s it was the creditors of hundreds of savings and loan associations. Nothing, however, would compare to 2008. In a single year, the federal government bought stake in or bailed out hundreds of private financial and automotive firms. The rules of the bailout game, if there were any, were not always clear. Having come to the aid of Bear Stearns (via J.P. Morgan) and Fannie Mae and Freddie Mac, the federal government stunned creditors when it let Lehman Brothers fall in mid- September 2008.
The Review of Austrian Economics – Springer Journals
Published: Feb 26, 2013
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