Financing Failure: A Century of Bailouts

During the recent financial crisis no issue has aroused more passion than financial institution bailouts.

The standard rationale for the bailouts has been one of necessity and fear: federal regulatory agencies must have more authority in order to respond to the crisis, or else the public will face terrible consequences. But does this rationale hold up to close inspection?

In Financing Failure, Vern McKinley approaches the topic by examining the policy decisions behind the bailouts and by sho...