2008 started the first visible effects of the economic depression that we still find ourselves in today. 2008 was the year of the collapse of the financial system. Historic and well-known brands like Lehman Brothers, Bear Stearns completely went under. Many, many other names including firms like Goldman Sachs, AIG and Bank of America would likely no longer exist today if the government and the Federal Reserve did not step in and completely absorb their losses.
These government actions spread outside the financial sector into companies like General Motors and Chrysler. Again, these companies likely wouldn’t exist today at least in their current form if it weren’t for the government.
These actions were done in the name of the greater good and in the name of “economic stability.” Critics of these policies, however, disagree and point to the fact that many of these same firms are the firms that fund many of these politicians campaigns. It seems like more than ever the interests of the political elite have merged with the corporate elites.
The economic depression 2008 was the start. It spanned the policies of George Bush and Barack Obama, the policies of Treasury Secretaries Paulson and Geithner, the parties of both Republicans and Democrats.
Millions of Americans saw stock portfolios crash in the fall of 2008 and retirement savings get cut in half. 2008 also saw the start of a massive rise in unemployment – a rise, that years later we’re still struggling with.
In November of 2008, the American people elected Barack Obama to the Presidency. Since then, Obama has put the pedal to the metal on government intervention policies, printing of money, and stimulus legislation. While people elected Obama on change, the reality was more of the same. Much more.