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America's Political Crisis: The Unsustainable State in a Time of Unraveling

Published online by Cambridge University Press:  02 April 2009

Lawrence Jacobs  and
Desmond King
Lawrence Jacobs
Affiliation:
University of Minnesota
Desmond King
Affiliation:
Nuffield College, Oxford
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Extract

The American economy and financial system is experiencing upheaval on a scale not seen since the Great Depression of the 1930s. A number of the largest and most established banks and investment firms have declared bankruptcy (including Bear Stearns and Lehman Brothers) or been taken over at fire-sale rates (as was the case, for example, with Merrill Lynch). In the fall of 2008, Congress and the U.S. Treasury along with the Federal Reserve Bank committed more than eight trillion dollars in payments, loans, and guarantees of various sorts to prop up financial institutions (including the semi-governmental mortgage entities, Fannie Mae and Freddie Mac) as well as the country's largest insurer, American International Group (AIG). The speed, number, and scope of these interventions lack historical precedent.

Type
In Focus: Our Political and Financial Crisis of 2008
Information
PS: Political Science & Politics , Volume 42 , Issue 2 , April 2009 , pp. 277 - 285
Copyright
Copyright © The American Political Science Association 2009

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