Attention Economy


Monday, January 7, 2019

HISTORY LESSON: Politics During and After the 2008 Financial Crisis

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