Badlands Book Club: The Creature From Jekyll Island - Chapter 3, Part 2

CannCon and Ashe in America close out Chapter 3 of G. Edward Griffin's The Creature from Jekyll Island and the hits keep coming. Continental Illinois triggers the world's first electronic bank run, and the FDIC quietly covers 96% of uninsured deposits while small banks down the street get shut down the same week. The chapter then jumps to 2008: Fannie Mae, Freddie Mac, AIG, TARP, the auto bailouts, and the Merrill Lynch forced merger. Henry Paulson engineers the demolition of his Goldman Sachs rivals while protecting his alma mater. Banks announce they "repaid" loans using other government money, and the whole thing gets called a success. By the end, the government quietly owns 56% of GMAC and 80% of AIG, but nobody calls it nationalization. CannCon and Ashe also compare the third and fifth editions of the book, finding key sections merged and updated. Griffin's second reason to abolish the Fed lands hard: it is not a protector of the public. It is a cartel operating against it.