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Saturday, May 17, 2014

Greenspan: Taxpayers on the Hook to Rescue JPMorgan in Crisis

Former Federal Reserve Chairman Alan Greenspan said JPMorgan Chase & Co. is akin to Fannie Mae and Freddie Mac because taxpayers would shoulder the burden of its rescue in an emergency, rather than let it collapse.

JPMorgan, the nation’s largest bank, is an example of implicit government guarantees not measured in the nation’s official public-debt statistics, Greenspan, 88, said Wednesday at a forum in Washington organized by the Peter G. Peterson Foundation. The reality is that the government would prop up many financial firms and other companies if needed, he said.


1 comment:

Anonymous said...

They must be allowed to fail. It's the rule!
Bad business practices end the business; good practices grow it, period.

Anything outside of that is socialistic communism.