Prof. Wolff joins Brian Becker and John Kiriakou on Loud & Clear to discuss the effects of the 2008 crash on American taxpayers and where we are a decade later.
Ten years ago investment banking giant Lehman Brothers collapsed, turning a smoldering economic slowdown into the worst recession in modern American history. In 2008, Federal Reserve officials gave many reasons why they were unable to save Lehman Brothers—the bank’s collateral was inadequate, they lacked legal authority—but the result wiped out an institution with $619 billion in assets, the largest bankruptcy filing in U.S. history. Experts estimate the the collapse and its ripples cost the American taxpayer more than $1.4 trillion, a burden that was shouldered mostly by the poor and working classes. Have we learned anything in the past decade?
Listen to "The Great Crash 10 Years Later: No Recovery for Millions of Americans" on Spreaker.