2008’s lesson: Saving Wall Street doesn’t save Main Street

The last time America suffered an economic meltdown, in 2008, we came out of it poorly.

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Opinion

April 23, 2020 - 9:13 AM

Traders work on the floor at the New York Stock Exchange (NYSE) in New York, U.S., April 24, 2019. REUTERS/Brendan McDermid

The last time America suffered an economic meltdown, in 2008, we came out of it poorly.

Yes, the economy and the stock market recovered. So did the banks, with a big assist from Uncle Sam. But millions of homeowners were left with mortgage debts that squeezed their disposable incomes to the vanishing point.

The unshared recovery proved a downer in two ways. First, the recovery was unusually sluggish. Second, it gave rise to simmering class resentments. Arguably, it led to the election of Donald Trump.

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