Five Years Later, the Damage from the Financial Collapse and Economic Crisis Continues to Crush American Families and Threaten our Economy
On the fifth anniversary of Lehman Brothers declaring bankruptcy, Americans families and Main Street are still suffering from the enormous economic and human wreckage caused by Wall Street’s risk-taking and excessive speculation. And, as Wall Street’s war on financial regulation continues, Main Street is still threatened by Wall Street’s ongoing high-risk investment and trading activities.
The financial crash was the worst since 1929 and it has caused the worst economy since the Great Depression of the 1930s. It will cost the American people more than $12.8 trillion. Financial reform is all about preventing that from happening again and protecting Main Street from Wall Street. Until it is in place and enforced, Main Street will remain at risk.
Better Markets President and CEO Dennis Kelleher recently appeared on CNBC’s SquawkBox to talk about the Lehman bankruptcy, excessive risk taking on Wall Street five years later and the specter of another financial crisis as long as these institutions remain too big to fail.
Dennis Kelleher also recently appeared on Al Jazeera America’s “Consider This” to talk about Wall Street’s role in the financial crisis, its ongoing, unprecedented war on financial reform and its looming threat to the American financial system.
The Lehman Brothers bankruptcy was also the topic at a September 12 event sponsored by Better Markets and GW Law’s Center for Law, Economics and Finance. Featured speaker Elizabeth Warren and a panel of experts discussed the lessons learned from Lehman’s demise, Wall Street’s unprecedented lobbying campaign against financial reform and the steps needed to protect Main Street from Wall Street risk-taking amid the threat of additional bailouts.
Elsewhere, the financial news media is covering the crisis, the government response and the continued threat of another crisis. A few stories that might interest you include “The problem with Wall Street greed 5 years after the crash” on CNBC.com, a recent Financial Times story on recent actions against Wall Street for its wrongful behavior and a USA Today front page story on the looming threat of another financial crisis.