Newsweek

The Lessons We Didn’t Learn From The Financial Crisis

Trump promised to “drain the swamp”, but he made it bigger and filthier.
Millions lost their jobs, savings, pensions, and homes, but financiers and big investors came out richer than before.
GettyImages-873732788 Source: iStock

Ten years ago, after making piles of money gambling with other people’s money, Wall Street nearly imploded, and the outgoing George W. Bush and incoming Obama administrations bailed out the bankers.

America should have learned three big lessons from the crisis. We didn’t, to our continuing peril.

First lesson: Banking is a risky business with huge upsides for the few who gamble in it, but even bigger downsides for the many when those bets go bad.

Which means that safeguards are necessary. The safeguards created after Wall Street’s

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