Reprinted with permission from Creators.
The most vivid takeaway from the financial meltdown of 10 years ago was that nearly everyone got hurt. Stock investors took a beating. People who had carefully set aside money for retirement saw a third of their savings vanish. Consumer spending collapsed, pushing two of the Big Three U.S. car companies to the edge of bankruptcy. Unemployment soared to 10 percent.
Taxpayers had to bail out both the banks and the automakers. And no, they didn’t have a choice. It was that or turn the Great Recession into another Great Depression.
The losers were everywhere, but the saddest had to be the ordinary folks who lost their homes.…