Federal Reserve Act says the members who go bankrupt are property of the Federal government. Government Motors is a fact, not just a complaint.
Without the constant supply of fresh fiat money from the Discount window, Michigan became a ghost town.
Suppliers built plants and facilities based on the illusion that they were supplying real, profitable companies. They planned wrong. They were supplying to meet a central whim. Market forces were countered distorting risk calculations.
Prof Fulsom explains the utter incompetence of Congress when making budget choices for public works.
How many million dollars did Congress sink into the failed steamship line?
That was 1847.
Free includes debt-free!
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