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Indybay FeatureRelated Categories: U.S. | Global Justice and Anti-Capitalism
Five years ago this weekend, the Wall Street giant Lehman Brothers collapsed triggering the worst financial crisis since the Great Depression. Today, the divide between the 1 percent and the 99 percent is as great as ever. According to one recent study, the top 1 percent has captured about 95 percent of the income gains since the recession ended. “Since the recovery, almost all of the gains have gone to the very, very top. People who are in the top 1 percent are doing even better than they did before the Great Recession.
So those who were worried about recession or who wanted to keep money aside for a rainy day are reassured. It has only rained for a short time and the sun has come out again, brighter than ever, and it is a beautiful day. So, little by little, the skeptics are won over to invest their funds, to take a chance on making more money, for the rebounds are relatively quick and they do not feel too much pain.
And there is a rebound, for there are still people to be convinced that things will keep going up—indeed, must keep going up. They too must be won over and convinced to overextend themselves little by little. It is a gradual process of boom, then downturn, then bigger boom, then another downturn. And one day, when have prepared accordingly, the downturn will become a recession, the recession will become a depression, and the depression will become the Crash.
Ted Rudow III, MA