We all remember the Government Bailout of 2008 – the largest bailout gift by our government to the biggest banks in the country. That was the year when we also learned who is too big to fail: the same banks that brought our economy to the edge of the abyss.
What has changed since then? Have we seen any criminal prosecutions of those responsible for bringing our economy to the edge of collapse? No, but we did find out via the Freedom of Information Act that the official bailout dollar amount reported by our government wasn’t $700 billion, but a breathtaking $7.7 trillion.
Also, as to be expected, after the historic bailout the five biggest banks – JP Morgan Chase, Bank of America, Citigroup, Wells Fargo and Goldman Sachs – became even bigger than before.