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kleinbl00 · 2904 days ago · link · · parent · post: Yet another 40 Million cars are being recalled due to the ongoing Takata Airbag fiasco. Link to Car and Driver's cliff notes in comments.
My guess is that there was so much crazy shit going on about that time that it was the ad-hoc solution arrived at by the SEC, GM and the NYSE (think GM trades on NYSE). There's an HBO movie called Too Big To Fail that, while not the best overview of the financial crisis of 2008, paints a much better picture of the regulatory shitstorm that ensued than any of the other books. While The Big Short very much shows the perspective of the traders, Too Big To Fail is pretty much a top-down view from the perspective of Ben Bernanke and Hank Paulson. Remember when we airlifted pallets of $100 bills into Iraq for no demonstrably good reason? The 2008 bailout of General Motors et. al. had a lot of the same charcteristics.