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      lehman brothers

      A pedestrian walks past a gas station advertising gas prices on March 25, 2022 in Los Angeles, California.

      Economic Shock Therapy for Neoliberals

      Neoliberalism has failed yet another test and must finally be replaced by a new economic vision based on new values.

      Joseph Stiglitz
      Apr 11, 2022

      The fallout from Russia's invasion of Ukraine has reminded us of the unforeseeable disruptions constantly confronting the global economy. We have been taught this lesson many times. No one could have predicted the September 11, 2001, terrorist attacks, and few anticipated the 2008 financial crisis, the COVID-19 pandemic, or Donald Trump's election, which resulted in the United States turning toward protectionism and nationalism. Even those who did anticipate these crises could not have said with any precision when they would occur.

      Each of these events has had enormous macroeconomic consequences. The pandemic called our attention to our seemingly robust economies' lack of resilience. America, the superpower, could not even produce simple products like masks and other protective gear, let alone more sophisticated items like tests and ventilators. The crisis reinforced our understanding of economic fragility, reprising one of the lessons of the global financial crisis, when the bankruptcy of just one firm, Lehman Brothers, triggered the near-collapse of the entire global financial system.

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      Opinion
      Joseph Stiglitz
      Lehman Brothers

      Remember the Lehman Brothers Crisis. We Need Wall Street Rules, Not Trump's Deregulation

      Trump has completely gutted the Consumer Financial Protection Bureau, a federal agency established by Dodd-Frank

      Morris Pearl
      Sep 14, 2018

      Lehman Bros., one of the largest investment banks in the USA, filed for bankruptcy protection a decade ago Saturday and triggered the worst financial crisis in modern American history. In the aftermath of the financial system's collapse, as the excesses of Wall Street were revealed to the American public, people were shocked that banks had been allowed to make such reckless bets with their money. It seemed absurd that there were no rules in place to prevent these bankers from playing roulette with the U.S. economy on the line.

      In an effort to inflate profits for big banks, the Trump administration and Congress are setting us up for another crash.

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      Opinion
      dodd-frank
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