oldfart
Older than dirt
Five years ago today Lehman Bros went belly up. A day later Merrill Lynch was gone. Two days later AIG got an $85 billion government bailout. Today the Dow is 3500 above its high before the financial collapse. Best estimates are that we at least six years from the real economy returning to normal.
What have we learned from this experience?
For me, I have learned that a shocking number of economists are bought and paid for, that Wall Street is self-destructive as well as avaricious (we already knew the avarice part), and that economic and political power are so intertwined that we have a plutocracy too well entrenched to be displaced or significantly moderated by normal political means.
What's your take-away from the debacle?
What have we learned from this experience?
For me, I have learned that a shocking number of economists are bought and paid for, that Wall Street is self-destructive as well as avaricious (we already knew the avarice part), and that economic and political power are so intertwined that we have a plutocracy too well entrenched to be displaced or significantly moderated by normal political means.
What's your take-away from the debacle?
