gobar
Registered: Oct 2007
Posts: 964 |
12-04-11 02:24 PM
there was no "capitalism" in the first place...
New York City Trusts
1907
Following a failed attempt by copper speculator and bank president F.A. Heinze to corner the U.S. copper market, depositors rushed to pull their money from trusts associated with Heinze. The trusts, largely unregulated, were outside of the voluntary clearinghouse system—coalitions of banks that extended each other credit—that protected most banks from runs. John Pierpont Morgan, along with other bankers he organized, provided $30 million to stabilize the trusts; the U.S. Treasury pitched in another $25 million. Morgan even asked New York clergy to implore their congregations to stay calm. The crisis prompted the creation of the Federal Reserve System six years later.
list goes on and on
http://www.propublica.org/special/government-bailouts
History of U.S. Gov't Bailouts
is that ur definition for capitalism
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