Vern McKinley

Vern McKinley is the author of Financing Failure: A Century of Bailouts (Independent Institute, 2012).

Zombie GSEs

House sinking in water , housing crisis,flooding, ect. concept

Housing analyst Thomas H. Stanton displayed amazing prescience in 1991 with a book whose subtitle read: “Will Government-Sponsored Enterprises Be the Next Financial Crisis?” Stanton spent years detailing his concerns about Fannie Mae and Freddie Mac potentially coming a cropper. Throughout the 1990s and early 2000s, he was a lonely voice on this issue accompanied by a small group of fellow analysts such as Peter Wallison and Bert Ely.

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Financing Failure: A Century of Bailouts

Financing Failure

So we were told with the passage of the Dodd-Frank Act that too big to fail was now behind us. Except it isn't. In fact, the conditions supporting bank bailouts have only gotten worse with the nation's largest banks actually increasing in size and scope since 2008. TBTF, however, goes back farther than you might think. This podcast with Vern McKinley on his book, Financing Failure, discusses the regulatory history of bank bailouts rather than winding down insolvent institutions. Contrary to the Hank Paulson and Ben Bernanke narrative of the 2008 crisis, although the scope of the problem was new,…

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