Who caused the great crash of 2008?

Original article, subheaded Lee Sustar analyzes the roots of the worst economic crisis since the Great Depression–and shows why Marxism offers the best way of understanding what went wrong, via Socialist Worker (US):

THERE ARE plenty of people who should be held accountable for turning an ordinary recession that began a year ago into a global catastrophe.

Sustar then goes and identifies some of the main culprits: Angelo Mozilo (Countrywide), George Bush, Henry Paulson, Phil Gramm, Robert Rubin (who comes in for particularly harsh criticism), Alan Greenspan (who is presented as the rougue who is the founder of our current economic feast).  A rogues’ gallery if there ever was one.  It seems strange that Robert Rubin is one who our soon to be dear leader has called upon to lead us out of this mess, doesn’t it?

Topping the list is former Federal Reserve Chair Alan Greenspan, who fed the bubble by keeping interest rates at rock-bottom levels, urging home buyers to take on adjustable-rate home loans and refusing to use the Fed’s powers to oversee a mortgage industry rife with fraud.

The Maestro!  I’m sure he wishes he would have died before this economic collapse.  My guess, though, is that somehow his reputation amongst the masses won’t be too tarnished.  After all, it looks like we’re going to continue the same basic economic policies under our soon to be dear leader as have been followed for the past 30-40 years.  What fun!

While reading Sustar’s listing of the bad (Bubba included), it’s the bulk of the article which you may want to pay attention to.  There, he looks at how Marx analyzed the Capitalist system and its failings, and offers a Marxist perspective on how things might get turned around.  Now, even if you don’t accept the Marxist perspective, it is worth your time so you can have another layer of knowledge as you slog your way thorugh this economic crisis.

Sustar writes well, and his article is well worth the time to read.

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  1. Arise ye workers from your slumbers!

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