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These elites will now be tempted to do even more underhanded things with government bailout money, in attempts to cover up the severity of their crisis. This "putting lipstick on a pig" will only serve to provoke a downward spiral that will most certainly eventually crash.
In my opinion, it is clear what must be done; I agree wholeheartedly with Johnson and Kwak. The United States government needs to wake up to the big picture and take a "tough love" stance with big banks. These banks must be broken up and nationalized, strict regulations must be reinstated as a form of punishment for the abuses leading up to this crisis, and "good ole boy's club" symbiotic dependencies must be abandoned in order to save the global economy. As horrible as it sounds, some of the very, very rich may have to settle for just being very rich. And some white collar criminals...
Other countries are falling hard already, and if the U.S. falls the domino effect will be unlike anything in history.
The Great Depression served as our warning from history, to be remembered so that it would not repeat itself. Unfortunately, that was long enough ago, and circumstances have changed so dramatically, that we no longer believe the lesson applies. Just as spiritual leaders sometimes say of the meaning of life: we are here to learn lessons and we will keep learning those same lessons over and over again until we choose to remember them. It appears we will have to learn the lesson of the Great Depression all over again; however, this time there is much more at stake.
References
Johnson, S., & Kwak, J. (2009, 05). The Quiet Coup. The Atlantic, pp. 1-4.
Great Depression Angela Thomas The Great Depression was a pivotal time in the history of the United States and as a result, American business, banking, agriculture and society were drastically altered. It is commonly believed that the crash of the New York stock market at the end of October 1929 caused the Great Depression, but in reality this turbulent period of American history was brought on by a number of factors. And
There was little support for an Equal Rights Amendment, largely due to the belief that there were other problems to solve first, but the mindset of women was well set for what would be their need in the workforce during World War II. However, while large numbers of women worked during the Depression, scholars often see their status slightly decreasing because the American Federation of Labor, for one, did
Great Depression Dorothea Lange's iconic picture of the Great Depression in America is titled simply, "Migrant Mother." The title depersonalizes the image of Florence Thompson, who Jennifer Keene claims is "angry and bitter" that the photographer never asked her name, nor used the photograph to help the poor. According to Keene, Thompson believes that Lange profited from the photo without fulfilling the original promise to inspire government aide for the poor.
In fact, from 1923-1929 corporate profits rose 62% and dividends rose 65%." (McElvaine R.S. p. 39) This is further evidence not only of the inequality of general wealth distribution, but also of the severe imbalance that was to create havoc in the economy. This dilemma was also further exacerbated by the fact that the Federal Government encouraged this situation. For example, President Coolidge signed the Revenue Act of 1926, which
Thus, when stricter regulations should have been implemented, they were not, and the avoidable became utterly unavoidable. The president Hoover's initial reaction was to allow the market to fix itself, thus going alongside his lassiez-faire beliefs. Yet, he was forced by Congress to act, but did so minimally (Wilkison 1). Thus, it was not long before the nation was in demand of a more hands on president who was
Depression The Great Depression Pre-Depression Economy Summary • Write a journal entry describing a weakness in your chosen character's sector of the economy that would later contribute to the Great Depression. • Write a summary of the weaknesses in the American economy that contributed to the Great Depression. The Great Depression was one events of the twentieth century that defined the entire century. It was the longest lasting and most widespread financial crisis in the