The federal government bailed out Fannie Mae and Freddic Mac so that the U.S. economy would not fall into a depression. Lehman Brothers and Merrill Lynch had to deal with their financial problems because the general view is that these are commercial businesses.

As early as 1929, Nobel Prize laureate Joseph Stiglitz declared that Americans had monetary and fiscal policy as instruments to prevent citizens from worrying “Are we in a depression? Are we in a recession?”

However, when knowledge is lost in translation into correct actions, it leads to symptoms and signs which make Americans and the international economists worry “Are we in a depression? Are we in a recession?”

Who is Joseph Stiglitz and why should we believe in him? Stiglitz, an ex chief economist at the World Bank and critic of the International Monetary Fund.

Source.

Black Monday source.

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