Keynesianism offered important tools for overcoming the economic crisis, but its application by Obama's government was too half-hearted and misdirected (going to banks rather than households) to effectively reduce the recession. Clinton paid the price.
The derailment of progressive Keynesianism by Obama’s conservative, technocratic Keynesianism resulted in a protracted recovery, continuing high unemployment, millions of foreclosed or bankrupt households fending for themselves, and more scandals in a Wall Street where nothing had changed. Obama did not pay for this tragic outcome in 2012, but Hillary Clinton did in 2016.
The Bail Out Business is the most comprehensive and thorough analysis of the steps taken since the 2008 financial crisis to understand who benefits from rescue packages in the EU. Above all, it highlights the role of the Big Four (audit firms) and a small coterie of financial consultancy firms in the business of designing and implementing bail out programs in EU Member States.
Until the European Commission shows it has learnt the lessons of the 2008 financial crisis and demonstrates the political will to re-regulate the financial sector, it will be unable to resolve the crises in Greece, Ireland and Portugal
The Irish government announcement of a €34 billion Euro bailout, two years after the financial crisis first broke, is a reminder that little has been done to prevent it happening again just as the social costs are becoming ever more evident.
The Economist has attributed the term "deglobalisation" to Walden Bello. Whilst the magazine considers the term a negative one, Bello argues that it is fast becoming a reality and offers a paradigm for escaping the neoliberal straitjacket.
The more the authorities refuse to change the system, preferring stop-gap measures, the more they will be caught in a downward spiral and the more they will lose control of their policies — and the economy as well.
UN conference was convened to find new ways of dealing with the global financial and economic crises and give voice to those most affected by them. But the rich countries have opposed any real change, and the result is an anemic UN document.
Spearheaded by the current President of the UN General Assembly Miguel D´Escoto Brockmann, the UN Conference on the Financial and Economic Crisis and its Impacts on Development took place from June 24-26, 2009.
Civil society groups and global social movements gathering at the UN summit on the global economic crisis have denounced rich industrialized countries’ insistence on pushing forward unbalanced trade talks, misnamed “free trade”, as likely to exacerbate an already serious economic and social crisis.