A decade on, and the cost of the crisis – both human and financial – cannot be understated. The cost of bailing out the banks peaked at over £1 trillion, while the cost to the economy in terms of loss of income and output has been much greater. According to Andrew Haldane, the Bank of England’s Chief Economist, the cost may be as high as £7.4 trillion – similar in scale to a World War.
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And we did NOTHING to reign in the financial institutions which caused this mess ... NOTHING.
WWI begat WWII.
WWII begat the Cold War.
The Cold War begat the Vietnam War.
Etc., etc., etc.
Financial Crisis I will soon cause Financial Crisis II.
We learn nothing, we fix nothing.
Are we THAT stupid, or is someone preventing us from ever fixing these problems?