{"id":37376,"date":"2018-09-05T06:47:54","date_gmt":"2018-09-05T11:47:54","guid":{"rendered":"http:\/\/olduvai.ca\/?p=37376"},"modified":"2018-09-05T08:57:26","modified_gmt":"2018-09-05T13:57:26","slug":"tenth-anniversary-of-financial-collapse-preparing-for-the-next-crash","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=37376","title":{"rendered":"Tenth Anniversary Of Financial Collapse, Preparing For The Next Crash"},"content":{"rendered":"<h3 class=\"headline\"><a href=\"https:\/\/www.counterpunch.org\/2018\/09\/05\/tenth-anniversary-of-financial-collapse-preparing-for-the-next-crash\/\" rel=\"bookmark\">Tenth Anniversary Of Financial Collapse, Preparing For The Next Crash<\/a><\/h3>\n<div class=\"post_content\">\n<p>Ten years ago, there was panic in Washington, DC, New York City and financial centers around the world as the United States was in the midst of an economic collapse. The crash became the focus of the presidential campaign between Barack Obama and John McCain and was followed by protests that created a popular movement, which continues to this day.<\/p>\n<p><strong>Banks: Bailed Out; The People: Sold Out<\/strong><\/p>\n<p>On the campaign trail, in March 2008,\u00a0<a href=\"https:\/\/www.nytimes.com\/2008\/03\/28\/us\/politics\/28dems.html\">Obama blamed mismanagement<\/a>\u00a0of the economy on both Democrats and Republicans for\u00a0rewarding financial manipulation rather than economic productivity. He called for funds to protect homeowners from foreclosure and to stabilize local governments and urged a 21st Century regulation of the financial system. John McCain opposed federal intervention, saying the country should not bail out banks or homeowners who knowingly took financial risks.<\/p>\n<p>By September 2008, McCain and Obama\u00a0<a href=\"http:\/\/www.cnn.com\/2008\/POLITICS\/09\/24\/campaign.wrap\/index.html\">met with President George W. Bush<\/a>\u00a0and together they called for a $700 billion bailout of the banks, not the people. Obama and McCain issued a joint statement that called the bank bailout plan \u201cflawed,\u201d but said,\u00a0\u201cthe effort to protect the American economy must not fail.\u201d\u00a0<a href=\"https:\/\/www.realclearpolitics.com\/articles\/2008\/09\/obamas_remarks_on_the_economic.html\">Obama expressed \u201coutrage\u201d<\/a>\u00a0at the\u00a0\u201ccrisis,\u201d which was \u201ca direct result of the greed and irresponsibility that has dominated Washington and Wall Street for years.\u201d<\/p>\n<p>By\u00a0October 2008, the Troubled Asset Relief Program (TARP), or bank bailout, had recapitalized the banks, the Treasury had stabilized money market mutual funds and the FDIC had guaranteed the bank debts. The Federal Reserve began flowing money to banks, which would ultimately total almost twice\u00a0<a href=\"https:\/\/www.forbes.com\/sites\/traceygreenstein\/2011\/09\/20\/the-feds-16-trillion-bailouts-under-reported\/#4f6e465b26b0\">the $16 trillion<\/a>\u00a0claimed in a federal audit. Researchers at the University of Missouri found that the Federal Reserve gave\u00a0<a href=\"https:\/\/www.cnbc.com\/id\/45674390\">over $29 trillion<\/a>\u00a0to the banks. These are historically these are\u00a0<a href=\"https:\/\/www.alternet.org\/watch-your-wallets-next-crash-coming\">signs of a coming recession<\/a>.<\/p>\n<p>\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Tenth Anniversary Of Financial Collapse, Preparing For The Next Crash Ten years ago, there was panic in Washington, DC, New York City and financial centers around the world as the United States was in the midst of an economic collapse. The crash became the focus of the presidential campaign between Barack Obama and John McCain [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[2015,63,3306,5493,303,916,3250,3046,17009,17010,3650,2202],"class_list":["post-37376","post","type-post","status-publish","format-standard","hentry","category-economics","tag-bailout","tag-banks","tag-barack-obama","tag-counterpunch","tag-fed","tag-financial-collapse","tag-george-w-bush","tag-john-mccain","tag-kevin-zeese","tag-margaret-flowers","tag-us-federal-reserve","tag-us-treasury"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/37376","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=37376"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/37376\/revisions"}],"predecessor-version":[{"id":37377,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/37376\/revisions\/37377"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=37376"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=37376"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=37376"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}