Five years ago this week, the financial markets on Wall Street collapsed, and America fell into the Great Recession, which many might consider the Second Great Depression, now five years long, despite claims the Great Recession is over.
Lack of proper regulation of Wall Street and the banking industry, a result of GOP control of Congress for 12 years, and a Republican President, George W. Bush for 8 years, along with some manipulation by leading Democrats, led to the worst economic outlook since 1941, and even now, five years later, with the improved economic conditions, employment will not return to pre 2008 levels until 2020 at the rate of job creation now existing!
A lot of this reality is due to refusal of the Republican Party to cooperate on legislation to create and encourage jobs, including infrastructure jobs and promotion of education training, and working to return overseas jobs to America.
But also, the Obama Presidency has not worked adequately to reform the banking structure and Wall Street, and the possibility of Larry Summers being Federal Reserve Board Chairman is precisely the WRONG thing to do, as he is part of the problem that led to 2008, and is an arrogant, overbearing, obnoxious individual who should be told to “take a hike”, with Janet Yellen the far better candidate to be the head of the Fed!
So if it going to take a grand total of TWELVE years from beginning to end for this Great Recession to be over, how is that different from the Great Depression which lasted from 1929 to 1941?
Meanwhile, a whole generation of people are suffering in terms of employment, something that will scar their future, and that of the American economy!
This is a very sad, troubling situation that must not be allowed to happen again, but it seems as if NOTHING has been learned!