Wednesday October 28, 2020

Bet your bottom dollar: the powerful won’t be punished

The year is 2008. As the extent of the financial crisis facing the state becomes clearer, Browne surveys the devastation wreaked on ordinary citizens.

30th July, 2017
Browne predicted that the financial collapse would mean misery for ordinary peopleTony OʼShea

Tens of thousands of financial whizz-kids have made millions on the subprime scam over the last several years.

Banks made billions in profits and distributed much of this to shareholders, while executives of five of the major banks made $95 billion between them, according to the Financial Times.

The orgy of ‘‘financialisation’’ – combined with deregulation, privatisation, tax-cutting and outsourcing – made billionaires of many. With its collapse will come misery for tens of millions of...

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