When America went bankrupt: How America went bust
In a series of interviews, retired bank manager Chris Bowers explained how America went broke in the 1930s and 40s.
“The great recession,” he said, “was caused by too much money coming in and going out.”
The banks did not have enough money to repay loans, and the government and the Federal Reserve started to increase interest rates.
“We’re back,” he predicted.
“Now, if the economy is bad, you’re going to have a huge problem with interest rates.”
Bowers said that he had never seen a downturn like the one he was describing in the US.
He believes that the US government had made the banks too big to fail.
He is currently researching how the financial crisis affected the financial system in the UK.
“I think the UK and US have really gone through some very, very difficult times,” he told ABC News.
“In the UK, they had an economy of over $50 trillion.
“But the banks were really big. “
They were the ones that were too big, and it just spiralled out of control.” “
But the banks were really big.
They were the ones that were too big, and it just spiralled out of control.”
The UK government has now bailed out the banks, and bailed out its banks too.
But there has been no similar relief for the US financial system, where the government has taken on huge amounts of debt to help prop up the economy.
Bowers also suggested that the 2008 financial crisis was partly due to the way in which the US Congress and White House handled the crisis.
“They were very much against a bank bail-out,” he explained.
“It’s almost like a tax on the economy, like a bank bailout.
The banks are too big.
“That’s one of the reasons they went into trouble. “
“So when they bailed out, it was a very risky thing to do. “
“Banks can’t be trusted to make loans, because you can’t see their balance sheet. “
“If you lend money to them, they will go into debt. “
And they’re not going to lend it out. “
If you lend money to them, they will go into debt.
And they’re not going to lend it out.
That’s a pretty bad thing for the economy.”
He explained that banks are also in the business of making money off of the government.
“You can’t make a good business if you’re making money from the government,” he argued.
“We were just trying to save the economy from itself” In his book, The Big Crash: America’s Financial Collapse, Bowers writes that during the financial collapse of 1929-1932, he worked as a senior analyst for the New York Federal Reserve Bank. “
Sometimes it’s good, sometimes it’s bad, sometimes people get hurt.”
“We were just trying to save the economy from itself” In his book, The Big Crash: America’s Financial Collapse, Bowers writes that during the financial collapse of 1929-1932, he worked as a senior analyst for the New York Federal Reserve Bank.
“One of the most important things we were told to do was to make the banks bigger,” he wrote.
“As we made the big banks bigger, we made it even more likely that they would fail. “
And if they did fail, it would be the end of the American financial system. “
As we made the big banks bigger, we made it even more likely that they would fail.
And our goal was for them to default. “
So we made sure they would have bigger debts, because they had so much credit.
The book says that while the US Federal Reserve made some attempts to bail out the big financial institutions, it could not do much. “
Instead of the banks being in a position where they could get out, they would default, and we would lose our entire economy.”
The book says that while the US Federal Reserve made some attempts to bail out the big financial institutions, it could not do much.
It was too big a problem to solve.
“Once we got the banks big enough, it became clear that if we could bail them out, we could make a great deal of money,” he writes.
“Even if we were to fail, we’d still make a profit.
And it made a lot of sense.
We could make huge amounts by doing this.
We’d done it before. “
Then we had the collapse of the housing market.
We’d done it before.
We didn’t have to do it again.”
In his book Bowers suggests that the collapse in housing prices had an impact on the way the American people reacted to the financial disaster.
“People in many areas were very angry about the collapse,” he says.
“A lot of people said they didn’t like what the banks had done, and they wanted to get rid of the big, fat, big banks.”
And the reaction to the collapse, he says, was quite different to the reaction in the United Kingdom.
Bower said that many people blamed the banks for the crash, and people were angry.
They weren’t the only ones.
“During the Great Depression, the