The fundamental and overriding reason for the financial crisis is the immiseration of the U.S. working class. When the majority of the population can barely make rent/mortgage, transportation, and food, the economy collapses because it cannot extract profits out of nothing. The malfeasance of the banks, credit rating agencies, etc., etc, certainly played their part, mostly by turning the economy into a vast Ponzi scheme. But even if the strictest regulations are enforced, an immiserated working class cannot sustain a growing economy.
That's why people keep comparing Obama to FDR, because the only way out is through New Deal, trickle-up job creation schemes and vast social subsidies for the poor rather than the rich.
Joanna
^^^^ Truly.
Charles
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