The Subprime Solution: How Today's Global Financial Crisis Happened and What to Do about It

By Robert J. Shiller | Go to book overview
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5
A Bailout by Any Other Name

Virtually all the solutions to the subprime crisis already tried or already proposed in the United States have aspects of a bailout to them. This is true of the interest rate cuts by the Fed; the Fed's lending to troubled institutions under the auspices of the TAF, the TSLF, and the PDCF; the tax rebate checks mailed out to individuals; the extension of loan limits by the FHA; and the extension of mortgage ceilings by the government-sponsored enterprises Fannie Mae and Freddie Mac.

Let us be clear about what the word bailout means. Actually the term has only recently acquired prominence, and the word itself is not yet even listed in the Oxford English Dictionary.A bailout is a rescue by the government or another entity of an irresponsible person or entity arising from a failure to follow rules or take

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