@JoshuaGreen, @Bloomberg: Jan 2010, Secy Tim Geitner in his fab Treasury ofc; dour abt the federal rescue (“we’ll never get credit for what we’ve done”) where tax dollars bailed out malfeasants who got off scot-free. Backlash led to today’s politics.
The political impact of the financial crisis. I submit that Trump wouldn't be president today had there bbeen no backlash against the Obama resolution of he financial crisis. The Wall Street boys, bankers, created the mess; instead of allowing them to pay for their bad deeds, Obama invited them into his office and recued them. Enraged a good deal of the country. . . . Geitner’s concern for moral hazard; but all of the DC honchos decided the protecting them would save the economy from collapse. Bankers got off scot-free. Trump, Sanders, Ocasio-Cortez, all are reactions to the 2008 bailout.
Picture: “One big waste of money justifies another.” “Quite!”