What strings should we attach to bailouts?
Avoiding the mistakes of the past in post-corona government rescues
After the finanancial crisis of 2008-2009 banks and financial firms received billions of dollars in public funds to help them survive. In 2011 civilians took to the streets protesting about economic inequality after the bailouts; jobs, homes and livelihoods had been lost whilst the corporate sector survived largely unscathed. In the post-corona world, rescue packages are once again being hastily assembled to save businesses and jobs, but is adequate attention being paid to the public interest? Have the lessons of the past been learnt?
The eminent economist, and Nobel prize winner Professor Joseph Stiglitz and the former Director of the White House National Economic Council, Gary Cohn, debate the issues with Ed Butler.
(Image: Occupy Wall Street sign, Credit: Reuters)