Stocks and GDP

[Charles Brown]

On historical precedent for bailouts, how about the Marshall Plan ? I'd add the S &L Crisis and payments to the military industrial complex for obsolete forts all across the territory of the U.S. to Doug's list below.

I don't see where the numbers show that private enterprise is more efficient than public enterprise.

Charles Brown
>>> Doug Henwood <dhenwood at panix.com> 01/29 11:22 AM >>>
rc&am wrote:


>doug,
>
>continuing my project of asking naive questions:
>
>do you (anyone) think that the bail-out is a new phenomena/strategy?

I may be missing some historical precedents (like lemon socialism - the
nationalization of failing industries), but I think they began in their
modern form in the early 1970s, at least in the U.S., with the Penn Central
and Franklin National bailouts, and with sovereign entities, the New York
City fiscal crisis of 1975. Later on there was Chrysler, Mexico,
Continental Illinois, etc.