10 Things People Still Get Wrong About the Financial Crisis
All are the result of bias, ignorance, laziness or bad faith.
Bloomberg, September 14, 2018
Hard to imagine that people — still — get so much wrong about the 2007-09 financial crisis. I created a list of what I believe are the flawed memes, misunderstandings and just outright falsehoods about the financial crisis and its aftermath:
Top 10 biggest Misunderstandings People Have About the GFC
1. Lehman’s collapse caused the crisis
2. If not for X, we would have been OK
3. Repeal of Glass-Steagall
4. Bailouts were the only option
5. Taxpayers were repaid in full and even made a profit
6. No one went to jail because stupidity isn’t a crime
7. Borrowers were as blameworthy as lenders
8. Poor people caused the crisis:
9. The Fed Prevented Congress From Doing More
10. Lehman could have been saved
Please see the full column here.