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The Financial Crisis and a Harsher Truth

Our fall from grace was inconspicuously slow, which is why it wasn’t so obvious to everyone during the Obama years. What he did very well was maintain the veneer of propriety, even though the country got looted under his watch. Now it is in plain sight for all to see. There is no pretense. They said rescuing the banks had to be done for the sake of the system. But very few people understood the political ramifications of such a decision–that covering bank losses with tax payer money posed a far greater risk to American democracy. Make no mistake, the bailouts led to the break down of our political system. Just how this was done is a subject that requires intellectual honesty and objectivity, if you are interested in the truth. And the truth is, nobody was held accountable for their crimes. Nobody went to jail for torpedoing the economy. Revisionists abound today because nobody cares about the truth. There are new narratives and the financial crisis has been rewritten as another opportunity for self-reinvention, no matter how much grief it caused.

 

Recommended reading:

The Recovery Threw the Middle-Class Dream Under a Benz

 

 

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