President Bill Clinton signed a historic overhaul of the nation's welfare system into law on Aug. 22, 1996. Now, some states are seeing drops in welfare cases even as the the U.S.' unemployment rate spiked. That's according to a new Urban Institute report. Host Michel Martin explores the past and present state of welfare with activist Barbara Ehrenreich and former RNC Chairman Michael Steele.
We now know exactly how much banks and financial institutions borrowed from the Federal Reserve during 2008 financial crisis — $1.2 trillion. According to Bloomberg, that's enough $1 bills to fill "539 Olympic-size swimming pools."
The biggest borrower, Morgan Stanley, got $107.3 billion, Citigroup and Bank of America followed close behind with $99.5 billion and $91.4 billion respectively.