Newsweek

The Lessons We Didn’t Learn From The Financial Crisis

Trump promised to “drain the swamp”, but he made it bigger and filthier.
Millions lost their jobs, savings, pensions, and homes, but financiers and big investors came out richer than before.
GettyImages-873732788 Source: iStock

Ten years ago, after making piles of money gambling with other people’s money, Wall Street nearly imploded, and the outgoing George W. Bush and incoming Obama administrations bailed out the bankers.

America should have learned three big lessons from the crisis. We didn’t, to our continuing peril.

First lesson: Banking is a risky business with huge upsides for the few who gamble in it, but even bigger downsides for the many when those bets go bad.

Which means that safeguards are necessary. The safeguards created after Wall Street’s

Você está lendo uma amostra, registre-se para ler mais.

Mais de Newsweek

NewsweekLeitura de 7 minsPolitics
How a Social Media Post in Russia Can Land You in Jail
It was just before 6 a.m. when police officers raided Daniil Markin’s apartment in Barnaul, a small Russian city some 2,000 miles from Moscow. Markin, a film student who was 18 at the time of the July 2017 raid, had no idea why police had burst into
NewsweekLeitura de 12 mins
Sebastian Kurz Remaking Europe's Future From Dark Past
Young Austrians see themselves in their 32-year-old chancellor, Sebastian Kurz, a conservative populist with big ambitions. In championing him, they also flirt with the country’s dangerous past.
NewsweekLeitura de 2 mins
Photographer Eva Sereny Captured Sets Of Iconic Films
Sereny was one of the only female set photographers in the ’70s, and worked with every major director, from Bernardo Bertolucci to Steven Spielberg.