In the 2008 collapse, Bernanke had studied the Great Depression and knew he couldn’t just hunker down. He threw money into the breach and they crawled back from the brink. It was only a recession rather than a crash.” Larry was nodding. “And remember, one of the things they did then was nationalize GM. They let Lehman Brothers go down without saving it, and then watched the whole financial world follow it down, and they realized they couldn’t do that with the real economy, so they nationalized GM, took it over, got it back on its feet, sold it back to its shareholders later, and pretty much
...more
