10 Years Later – No Lessons Learned
The comments below are an edited and abridged synopsis of an article by James Quinn
This month marks the 10th anniversary of the Wall Street/Fed/Treasury-created financial disaster of 2008/2009. What should have happened was an orderly liquidation of the Wall Street banks that committed the greatest control fraud in history, and the disposition of their good assets to non-criminal banks who did not leverage their assets by 30 to 1 while fraudulently issuing worthless loans to deadbeats and criminals.
The taxpayer bailed out the bankers and have been screwed for the last decade with negative real interest rates and stagnant real wages, while Wall Street has had billions in profits provided by the Fed. The CEOs and their henchmen have been rewarded with billions in bonuses, while risk-averse grandmas earn .10% on their money market accounts.
The cognitive dissonance and normalcy bias regarding what has happened over the last 10 years is astounding. Quinn views the world based upon a factual assessment of financial, economic and global data, and he’s shocked at the ignorance of the populace and the ease with which the ruling class has used their propaganda machine to convince people that the current situation is normal, improving and sustainable.
The average person is able to ignore the facts and believe that all will be well because someone in the media said not to worry. Those who present factual arguments are declared doomers or conspiracy theorists. They are scorned for being wrong for the last 10 years.
Quinn discusses the unemployment rate; household debt; student loan debt; corporate debt; crony capitalism; emerging market problems; President Donald Trump; and more.