On the Ethics of Dumpsterfires
Holly Wood, PhD 🌹
22950

I enjoy your essays and writing style, but you lost me at the point where you blamed the 2008 economic crisis on liberals.

Did liberals push for deregulation which inevitably led to the economic crisis? No, that was the GOP. But let’s also observe a technical footnote: Dems didn’t stand in the way, mainly because everyone had forgotten what happens when markets are unregulated, and Clinton signed it into law.

Did liberals rolls back Glass-Steagall? No, that would be the GOP again, who gave banks their wet dream and unleashed derivative trading like never before. Again, Dems could have stood in the way but lobbyists seem to have figured out they need to donate to both sides of the aisle to get things done.

Were liberals in power when the economy crashed? No, absolutely not. And this is a crucial point to your narrative, given that it caused you to break with liberalism. The country was just coming out of eight years of Bush and both Obama and McCain were campaigning for election. Which is what led to McCain suspending his campaign and rushing back to Washington.

And how did the economy do under Obama, as he pieced together Humpty Dumpty? Head down to the first graph, and we can see he did better than anyone would have hoped.

To summarize, it would seem your liberal break (up) was based on an odd assessment or shaky memory of the past. If liberal policies were still in place (Glass-Steagall) it’s quite likely the financial hiccup we oberserved in 2008 never would have occurred, or maybe not to the same degree it did.

Cheers

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