Financial Crises: The Other Side of the Story
By Scott S. Powell
Wednesday, August 28, 2013
What appears surprising about contemporary times is the widespread economic confusion just a generation after capitalism triumphed with the collapse of the Soviet socialist system. A recent Pew poll reports that 49% of Americans 18-29 years old have a positive view of socialism while only 46% have positive views of capitalism.
The ambivalence toward capitalism is due in part to the influence of the information and entertainment class—the mainstream media, Hollywood and the universities—whose biases are entrenched and well-known. Their portrayal of the 2008 financial collapse and the shambles of its aftermath—as being caused by greedy Wall Street bankers who got rich by foisting deceptive loan underwriting practices on ordinary people—reinforces this narrative.
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