“Finances and the Current Crisis: How did we get here and what is the way out?, Pt. 2” first appeared on PoliticalAffairs.net on October 3, 2008. Read it on PoliticalAffairs.net.
The turmoil in financial markets and the bailout to the tune of $700 billion has turned the public eye and wrath on Wall Street and Washington. While millions are aware of the triggering causes, ranging from predatory lending to deregulation to insatiable greed, what isn’t so obvious is the longer-term process that brought our financial system and economy to the edge of the abyss.