
The only clear accounting of what happened I have read so far.
A must read!
In their rush to do something, and do it fast, the Federal Reserve chairman, Ben S. Bernanke, and Treasury Secretary Henry M. Paulson Jr. concluded the time had come to use the "break the glass" rescue plan they had been developing. But in their urgency, they bypassed a crucial step in Washington and fashioned their $700 billion bailout without political spadework, which led to a resounding rejection this past Monday in the House of Representatives.
This should give you a clear understanding of how things went wrong. I would be very interested in knowing what you think could have been done differently. Not as blame game for this event but as conversation on how to restructure our financial system for the future.
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