The implications of this are significant. The current bout of bailouts – the banks and brokers, airlines and auto makers, lenders and borrowers in the housing industry, will have significant, long-lasting repercussions.
So far, they have turned America into a Bailout Nation.
And that's just the beginning.
Excerpted with permission from the publisher, John Wiley & Sons, Inc., from Bailout Nation: How Greed and Easy Money Corrupted Wall Street and Shook the World Economy, by Barry Ritholtz. Copyright © 2009 by Barry Ritholtz.