Sunday, September 15, 2013

A Quiet, Infamous Anniversary

It's been five years since the big crash, and exactly five years since what many would say was the herald of the downturn; Lehman Brothers filed for bankruptcy, the market lost more than five hundred points in a single day, the stock of the company itself losing ninety two percent of its value, and the government which had labeled BearStearns as 'too big to fail', announced that there were no potential buyers for Lehman and that they would allow the even larger company to fail.
No one has been held accountable for the lunacy perpetrated over those six or seven years of bubble inflating, the housing market is still a ridiculous boondoggle of idle profit for all but those who need housing, while many, my boomer mother-in-law included, still speak longingly of the prospect of 'flipping houses', as the banks have come back from their self-created precipice more powerful and 'profitable' than ever.
Ah, sweet justice and tender mercy.

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