The great financial catastrophe of our times is still badly misunderstood, and led to grotesque consequences, including the election of Donald Trump.
It was only after the public elected Donald Trump that Bernanke had an insight. He realized suddenly that “growth is not enough” (translation: the rich getting richer for eight straight years did not please voters).
Economists, he now said, may actually have a “responsibility” to address inequities in the economy, which he conceded might have been caused by a “proclivity toward top-down, rather than bottom-up, policies.”
Imagine how dense you’d have to be to need 10 years, and the election of Donald Trump, to realize this.
These are the people who got Trump elected. Popular media myths may insist otherwise, but people in charge have to be this clueless and arrogant in order for “Anyone but…” to have real ballot appeal.
“Anyone but” is what we got, and will get again, until someone gets serious about undoing the damage caused by that awful deal made 10 years ago this weekend.