In his “ on the political economy of the financial crisis and bailout of 2008-2009”, Roger Congleton argued that the decision of the United States government to provide financial aid to the financial institutions stricken by the 2008-2009 global mortgage crisis was rather an ill-conceived move, in the both political and economic contexts. His ideas were further explored by the Alan Montague, who emphasized that the very idea government aid to the large financial institutions was hardly compatible with the ideas of welfare state (Montague, 11). During the global recession, twenty millions of the Americans were not capable of finding full-time jobs, while the houses of another four millions have been foreclosed. The impact inflicted to the United States small and medium businesses was immeasurable, with many still incapable of returning to normal functioning (Congleton, 289).
Thus, it is reasonable arguing that multiple decisions of the United States governments to provide financial aid to the banks and other financial institutions did not reflect the real values of the American community. It is undisputed that the financial system is the veins of the society, yet, the impacts of the crisis were so immense, that many American households were destroyed. Many people suffered, while the basic foundations of the USA society recognize a decent human life as one of the highest social priorities. Yet, while the people could hardly make their ends met, the government decided to extend a heling hand to those, who have always reaped the highest profits, and, who had many opportunities to weather the financial storm by using their emergency budgets. It is therefore obvious to conclude that during the 2008-2010 financial crisis the government failed to provide adequate protection to those, who vitally required it, as well as it used the scarcely available resources in a particularly unproductive way.
Works Cited
Congleton, Robert. On the political economy of the financial crisis and bailout of 2008-200. Public Chronicle, 140:287-317. 2009. Print
Montague, A. Management? Leadership? Ethics? Corporate Bias? And - the Global Financial Crisis. 2016. Unpublished paper
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