Josh, the Mexican government defaulted on their bonds
and the large NY banks were holding a chunk of it.
The Fed performed for its creators and bailed them out. But bailing the banks, sticking the bill to the American taxpayer while labeling the action as a matter of national emergency needed political and intellectual cover. It was a grandslam right over the peoples heads.
An informed electorate is key, I agree.
But most members of the media and congress all the way up to the white house were drinking from the same punch bowl served at American universities.
