The average American saw stagnant income during the 2000’s, if not earlier. Then came the housing crash around 2006/2007 followed by the fall of Lehman Brothers in 2008. The fall precipitated the swoon of AIG and other banking entities, leading to a fear of economic collapse. Banks held out their hands looking for a bailout.
“shadow banking…derivatives…subprime loads…cds swaps”
The Great Recession ensued, with deep layoffs, that we’ve yet to recover, despite the technical ending of the recession during summer of 2009.
We’ve had Occupy Wall Street, stimulus spending, and quantitive easing. Many articles were written about the New Normal, the death of the middle class and the increasing inequality.
The Dodd Frank Act came into being to protect the average American from the banking industry. And now, Congress just rolled back a provision of the act barring dealing in exotic securities.
When will Americans stop voting against their own interests? The banks are doing fine, regardless of the imposition of the Dodd Frank Act. As a matter of fact, quite a few of the financiers are part of the 1% group.
What will it take for Americans to stop voting in the wrong politicians?