You Make a Difference! Our mission and operations are funded entirely by Patriots like you! Please support the 2021 Year-End Campaign now.

September 16, 2013

The Financial Collapse Five Years Later

Five years ago today, the financial panic began. What have we learned?

Five years ago today, financial giant Lehman Brothers collapsed, precipitating the crisis of confidence in the financial sector and a deepening recession. We’re also four and a half years into the Obama “recovery” that has been anything but. So with all we’ve learned, could history repeat itself?

Morgan Stanley Chief Executive James Gorman says no: “The probability of it happening again in our lifetime is as close to zero as I could imagine.” But Stanford economics professor Anat Admati says, “Fundamentally not that much has changed. There’s still a lot of risk in the opaque markets that we don’t see, still a lot of leverage that we only discover when it’s too late.”

The chief mechanism for fixing the problem was the Dodd-Frank financial reform law. Yet with it’s massive not-yet-completed pile of regulations, it’s bound to fail – or worse. For example, Dodd-Frank established the Consumer Financial Protection Bureau, an Orwellian-named bureaucracy that monitors markets in the name of protecting the little guy. However, the CFPB has become the NSA of the financial world, seeking to mine data on four out of every five consumer credit card transactions.

Even congressional Democrats are worried that the practice violates not only two specific provisions of Dodd-Frank, but Fourth Amendment rights as well. At last week’s hearing on the subject, Rep. Jeb Hensarling warned that the CFPB “is designed to operate outside the usual system of checks and balances that applies to every other government agency.”

Will this massive apparatus keep 2008 from happening again? Hardly. In fact, big government helped create the panic in the first place.

Start a conversation using these share links:

Who We Are

The Patriot Post is a highly acclaimed weekday digest of news analysis, policy and opinion written from the heartland — as opposed to the MSM’s ubiquitous Beltway echo chambers — for grassroots leaders nationwide. More

What We Offer

On the Web

We provide solid conservative perspective on the most important issues, including analysis, opinion columns, headline summaries, memes, cartoons and much more.

Via Email

Choose our full-length Digest or our quick-reading Snapshot for a summary of important news. We also offer Cartoons & Memes on Monday and Alexander’s column on Wednesday.

Our Mission

The Patriot Post is steadfast in our mission to extend the endowment of Liberty to the next generation by advocating for individual rights and responsibilities, supporting the restoration of constitutional limits on government and the judiciary, and promoting free enterprise, national defense and traditional American values. We are a rock-solid conservative touchstone for the expanding ranks of grassroots Americans Patriots from all walks of life. Our mission and operation budgets are not financed by any political or special interest groups, and to protect our editorial integrity, we accept no advertising. We are sustained solely by you. Please support The Patriot Fund today!

★ PUBLIUS ★

“Our cause is noble; it is the cause of mankind!” —George Washington

The Patriot Post is protected speech, as enumerated in the First Amendment and enforced by the Second Amendment of the Constitution of the United States of America, in accordance with the endowed and unalienable Rights of All Mankind.

Copyright © 2021 The Patriot Post. All Rights Reserved.

The Patriot Post does not support Internet Explorer. We recommend installing the latest version of Microsoft Edge, Mozilla Firefox, or Google Chrome.