2008 Financial Crisis Quotes

“Something is profoundly wrong with the way we live today. For thirty years we have made a virtue out of the pursuit of material self-interest: indeed, this very pursuit now constitutes whatever remains of our sense of collective purpose. We know what things cost but have no idea what they are worth. We no longer ask of a judicial ruling or a legislative act: Is it good? Is it fair? Is it just? Is it right? Will it help bring about a better society or a better world? Those used to be the political questions, even if they invited no easy answers. We must learn once again to pose them.

The materialistic and selfish quality of contemporary life is not inherent in the human condition. Much of what appears "natural" today dates from the 1980s: the obsession with wealth creation, the cult of privatization and the private sector, the growing disparities of rich and poor. And above all, the rhetoric that accompanies these: uncritical admiration for unfettered markets, disdain for the public sector, the delusion of endless growth.

We cannot go on living like this. The little crash of 2008 was a reminder that unregulated capitalism is its own worst enemy: sooner or later it must fall prey to its own excesses and turn again to the state for rescue. But if we do no more than pick up the pieces and carry on as before, we can look forward to greater upheavals in years to come.”
― Tony Judt, Ill Fares the Land

“If you wait till you know everything it's too late”
― Warren Buffett

“As Jeffrey Reiman points out in the Rich Get Richer and the Poor Get Prison, the criminal justice system excuses and ignores crimes of the rich that produce profound social harms while intensely criminalizing the behaviors of the poor and nonwhite, including those behaviors that produce few social harms. When the crimes of the rich are dealt with, it’s generally through administrative controls and civil enforcement rather than aggressive policing, criminal prosecution, and incarceration, which are reserved largely for the poor and nonwhite. No bankers have been jailed for the 2008 financial crisis despite widespread fraud and the looting of the American economy, which resulted in mass unemployment, homelessness, and economic dislocation.”
― Alex S. Vitale, The End of Policing

“The proletariat has not succeeded in negating itself as such - the century and a half since Marx has made that clear. The proletariat has failed to negate itself qua class and thereby abolish class society per se. Perhaps this is because the proletariat never was a class, as had been supposed - because only the bourgeoisie was a true Class, and therefore the only one capable of negating itself as such. For it has indeed negated itself, along with capital, and so generated a classless society, albeit one which has nothing to do with the classless society that was supposed to arise from a revolution and from a negation of the proletariat as such. As for the proletariat, it has simply disappeared - vanished along with the class struggle itself. There can be no doubt that had capitalism developed in accordance with its own contradictory logic, it would have been defeated by the proletariat. In an ideal sense, Marx's analysis is still irreproachable. But Marx simply did not foresee that it would be possible for capital, in the face of the imminent threat to its existence, to transpoliticize itself, as it were: to launch itself into an orbit beyond the relations of production and political contradictions, to make itself autonomous in a free-floating, ecstatic and haphazard form, and thus to totalize the world in its own image. Capital (if it may still be so called) has barred the way of political economy and the law of value; it is in this sense that it has successfully escaped its own end. Henceforward it can function independently of its own former aims, and absolutely without reference to any aims whatsoever. The inaugural event of this mutation was undoubtedly the Great Crash of 1929; the stockmarket crisis of 1987 was merely an aftershock.”
― Jean Baudrillard, The Transparency of Evil: Essays in Extreme Phenomena

“The CDOs that sliced up and then spliced together disparate debts belonging to a heterogeneous multitude of families and businesses were put together on the basis of certain formulae, whose purpose was, supposedly, to calculate their value and their riskiness. These formulae were developed by financial engineers working for Wall Street (e.g. for J. P. Morgan, Bank of America, Goldman Sachs, etc.). To render the formulae solvable, certain assumptions had to be made. First and foremost was the assumption that the probability that one slice of debt within a CDO would go bad was largely unrelated to the probability of a similar default by the other slices in the same CDO. That is, it was assumed that what happened in 2007–08 was…impossible! That it was unnecessary to factor in the possibility of some crisis, during which Bob lost his house for reasons that increased the chances that Jane would lose her job and eventually also default on her mortgage.”
― Yanis Varoufakis, The Global Minotaur: America, the True Origins of the Financial Crisis and the Future of the World Economy