In 2008, we saw banks collapsing, economies going into reverse, and millions of ordinary people losing their homes, jobs, and savings. At the heart of the catastrophe was banking deregulation – this created a kind of financial Wild West where unchecked risk-taking and a loosening of consumer protections led to devastating consequences.
The promise had been clear: loosen the red tape and get prosperity and growth. Instead, we got chaos and the nearest thing to a complete financial meltdown since the Great Depression of the 1930s. That was 2008, and now, 17 years later, I’m getting déjà vu…
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