{"id":182668,"date":"2015-07-06T21:38:00","date_gmt":"2015-07-07T02:38:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2015\/07\/06\/when-the-eurocrats-askhow-do-you-think-the-people-of-manhattan-would-like-bailing-out-texas-note-that-we-did-30-years-ago\/"},"modified":"2015-07-06T21:38:00","modified_gmt":"2015-07-07T02:38:00","slug":"when-the-eurocrats-askhow-do-you-think-the-people-of-manhattan-would-like-bailing-out-texas-note-that-we-did-30-years-ago","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2015\/07\/06\/when-the-eurocrats-askhow-do-you-think-the-people-of-manhattan-would-like-bailing-out-texas-note-that-we-did-30-years-ago\/","title":{"rendered":"When the Eurocrats Ask,&#8221;How Do You Think the People of Manhattan Would Like Bailing out Texas?&#8221; Note That We Did 30 Years Ago"},"content":{"rendered":"<p>As Paul Krugman pithily observes that, &#8220;Bailing out Texas,&#8221; <a href=\"http:\/\/krugman.blogs.nytimes.com\/2015\/07\/06\/lone-star-bailout-2\/\">is a pretty good description of the Savings and Loan crisis of the 1980s<\/a>:<\/p>\n<blockquote><p><span style=\"color: blue;\">Ahem. As it happens, the people of Manhattan <i>did<\/i> bail out Texas, big time. I wrote about it <a href=\"http:\/\/krugman.blogs.nytimes.com\/2012\/06\/17\/what-a-real-external-bank-bailout-looks-like\/\">here<\/a>.  The savings and loan crisis, which was very costly to taxpayers, was mainly a Texas affair:<\/span><\/p><\/blockquote>\n<blockquote>\n<blockquote><p><span style=\"color: blue;\">The  cleanup from that crisis cost taxpayers about $125 billion (pdf), back  when that was real money. As best I can tell, around 60 percent of the  losses were in Texas (pdf). So that\u2019s around $75 billion in aid \u2014 not  loans, outright transfer.<\/span><\/p><\/blockquote>\n<\/blockquote>\n<p>So yeah, we did that.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As Paul Krugman pithily observes that, &#8220;Bailing out Texas,&#8221; is a pretty good description of the Savings and Loan crisis of the 1980s: Ahem. As it happens, the people of Manhattan did bail out Texas, big time. I wrote about it here. The savings and loan crisis, which was very costly to taxpayers, was mainly &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1110,1004,1011,979],"tags":[],"class_list":["post-182668","post","type-post","status-publish","format-standard","hentry","category-european-union","category-finance","category-history","category-wanker"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/182668"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=182668"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/182668\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=182668"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=182668"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=182668"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}