by Derek Royden, OCCUPY:
The 2008 financial crisis left political and economic elites with two major problems: how to pay for the bank bailouts in the short term and how to prepare for the next financial collapse. The solution put forward for the first problem was to spread the pain downward, insulating the people who created the mess from the consequences of their chronic gambling. In second case, they looked to a policy of last resort that had only been used once before, during the Great Depression.
Of course, they had to create catchy, near incomprehensible terms for these policies in order to make an increasingly stressed out, debt-ridden population accept them as the new normal. Thus, they gave us austerity and later, the bail-in.
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