Turmoil and Change: A View at the Legacy of the 2007-2008 Financial Crisis and Great Recession.

The 2007-2008 financial crisis and the subsequent Great Recession came as a shock to most Americans. Despite the turmoil of the early 21st century, many believed that prosperity would remain constant, and that major financial crises were a thing of the past. However, this view was proven incorrect in 2007-2008. Americans quickly grew disillusioned, particularly as other scandals came to light, such as the Madoff Ponzi scheme, the Libor scandal, and the participation of major banks in laundering. This contributed to the indignation of Americans, which culminated with the Occupy movement. Many believed that the crisis would cause major changes in the US. However, the changes in relation to such issues as equality and class were minimal. Although many fumed against Wall Street and supported stronger regulation in relation to financial markets, they continue to retain their privileged position and influence over politics. This has led to the increase of the rift between regular US citizens and the country’s political establishment, as a result of which Americans started scrambling for alternatives. The chapter analyzes the reasons for these developments and provides insight into the factors that influenced the disappointment of Americans. The issues that will receive primary focus will include class, the problems with defining the 1 and 99 percent, and the various question pertaining to freedom, ethics and responsibility in relation to business. This will aid an attempt to answer why American mainstream politics has failed to address these issues.