Congress is repeating a critical mistake of the 2008 financial crisis - Business Insider

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Congress' response to the 2008 financial crisis sparked a decade of inequality and resentment. The US is now repeating that mistake.

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Experts say aid to individuals and small businesses has been slow to arrive, which is deepening the economic pain. The coronavirus pandemic abruptly halted that momentum, and caused another generational emergency only a decade removed from the last one. Now, the stunning speed and ferocity of the nation's economic collapse over the last three months rivals the Great Depression nearly a century ago.

In order to help businesses and individuals survive the economic shutdown, Democrats and Republicans in Congress along with the Trump administration have crafted deals authorizing $3.5 trillion in government spending. But the fragile consensus around the early response has quickly melted away — just as the lifeline of federal assistance is set to expire this summer for jobless Americans with little prospect of a quick economic rebound.

 

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It is not the stimulus but the trajectory of Established policies. Power is concentrated in a few hands deciding the fate of 90%. Democracy has been neutered

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