How were the effects of The Great Recession handled?
Mahalakshmi P - Infobite Aug 08, 2020
US $700 Billion was estimated as the money needed to save the banks.
The Recession was brought under control by printing US $700 Billion.
The U.S government tried to regulate the financial industry methods, but it wasn't allowed to, as the top criminals were sitting in government Federal Reserve and Treasury positions.
In 2004, FBI already warned about the mortgage fraud and other fraudulent activities.
In the late 2000s, Sound economists like Raghuram Rajan, Charles Morris and many alerted that the incentive/bonus culture to employees for short-term profits would destroy the financial industry if not regulated.