Good article from the Weekly Standard about the speculator crash of 1993 and how comics have never really recovered. It’s a cautionary tale about how the many crashes that hurt this economy can possibly be irreversable. In the case of the US economy government has most of the blame and is the greatest hindrance to our recovery.
These crashes were the result of the government encouraging the finance business to give out loans to high risk borrowers and they did nothing about the rampant corruption until it was too late. The current administration is made up of people from some of the worst companies that bilked the American taxpayers out of billions of dollars. There needs to be a reckoning and a serious amount of reform to fix the mess we’re in now. It won’t happen as long as Obama is in power and the Democrats ruin the senate. But the Republicans are also not to be trusted.
Personally, I wonder if the mess can ever be fixed because the crooks have so damaged the system.