When America Stared into the Abyss: The
untold story of how America’s political leaders crossed the aisle to stave off
financial collapse in 2008
The Policymakers Saved the Financial System. And
America Never Forgave Them.
The Real Cost of the 2008 Financial Crisis
Cassidy notes:
“In “Crashed: How a
Decade of Financial Crises Changed the World,” the Columbia economic historian
Adam Tooze points out that we are still living with the consequences of 2008,
including the political ones. …
As wages and
incomes continued to languish, the rescue effort generated a populist backlash
on both sides of the Atlantic. Austerity policies, especially in Europe, added
another dark twist to the process of political polarization. As a result, Tooze
writes, the “financial and economic crisis of 2007-2012 morphed between 2013
and 2017 into a comprehensive political and geopolitical crisis of the
post–cold war order”—one that helped put Donald Trump in the White House and
brought right-wing nationalist parties to positions of power in many parts of
Europe”.
How the 2008
financial crisis crashed the economy and changed the world