On the anniversary of Lehman Brothers’ crash ten years ago this month, America must hold accountable those responsible for the greatest economic disaster of our lifetimes. Many charlatans remain unrepentant—and unpunished—for the profoundly costly economic malpractice they perpetrated: the Great Recession. These are folks who continue to claim that government must be sidelined from economic policy-making. These are free-marketeers and lobbyists all, who continue in their deception that coordinated government regulation is no better than ill-informed meddling.
America is stuck. Many Americans are stuck economically. Right-wingers believe the Great Recession was caused by too much government. Centrists and left-wingers believe instead that it was caused by wealth-aspiring right-wing ideologues who, in pursuit of the economic gas pedal, threw out the brake pedal of prudence.
Phil Gramm was a U.S. Senator from Texas. According to the New York Times, Gramm became the most effective proponent of deregulation in a generation. As Chair of the Senate Banking Committee, he pushed laws and promoted policies that, according to his critics, significantly contributed to the Financial Crisis.
Check out dogmas that enable Gramm-style policy malfeasance at CapitalisminCrisis.org. Module 27: Who Caused the Great Recession?
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Some views on causes and consequences of the Great Recession: