Paul Krugman and Robin Wells have an enlightening review (at the New York Review of Books) of Jeff Madrick's new book Age of Greed: The Triumph of Finance and the Decline of America, 1970 to the Present. Below is a very telling paragraph from their review:
The great financial crisis of 2008–2009, whose consequences still blight our economy, is sometimes portrayed as a “black swan” or a “100-year flood”—that is, as an extraordinary event that nobody could have predicted. But it was, in fact, just the most recent installment in a recurrent pattern of financial overreach, taxpayer bailout, and subsequent Wall Street ingratitude. And all indications are that the pattern is set to continue.
In general, I don't think most people have a sense of just how much hasn't changed. It is simply incorrect - not supported by the facts - to portray this recession as an anomaly caused by .... (pick your favorite target). It was to a great degree the result of "business as usual."
The Madrick book sounds like a good reminder for us all.
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