this post was submitted on 12 Apr 2024
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The 2000s would be hard to sum up in a single photo without breaking the narrative. The family would be well off, getting fat and buying a McMansion. They would likely be just as culpable for the issues affecting those later decades.
2000 - 2008: economic boom combined with lots of deregulation on Wall Street led to the creation of almost a trillion in off the books derivative investments which were repackaged and sold off so much that they became toxic despite looking fine on paper, and made you money. Keeping the whole thing going led to something of an 8% increase in subprime lending.
Combine that with lots of folks from the 90s rampantly speculating on house sales, creating a housing bubble as they try to get rich by raising prices and flipping houses. Mix in even more deregulation and you get a Great Recession setting back a generation, in 2008. All while the folks who pushed the deregulation turn around and blame it on a president who wasn’t even inaugurated until 2009.
Thanks, Obama.