As previously noted, I often fall tremendously behind in my reading. This winter “break”, I’ve taken that proclivity to new levels by working my way through a stack of TIME Magazines published in 2008.
Before you suggest I choose something more relevant to current events, allow me to note that I am quite happy having recently read reviews of WALL-E, the original Kindle, and some book or other by Jim Webb (who recently became the first official Democratic contender for the 2016 Presidency). And one particular article I came across today struck me as especially timely:
When I came across this account of Lehman’s demise, I could not help but be reminded of Mitch McConnell’s explanation for the recent apparent upturn in this country’s economy: “the expectation of a new Republican Congress.”
You see, the above article appeared amidst a series of issues primarily dedicated to the 2008 election. That context helped me realize that the collapse of Lehman — along with the rest of the recent financial crisis — was not caused, as suggested by the Senate’s Levin-Coburn report, by “high risk, complex financial products; undisclosed conflicts of interest; the failure of regulators, the credit rating agencies, and the market itself to rein in the excesses of Wall Street.”
Rather, the beginning of the recent recession can be attributed to the expectation of a new Democratic Presidency. Thanks, Obama.
And thank you, Mitch.