How Easy Money Turned to Tough Times
Fahreed Zakaria interviews Michael Lewis, author of "Boomerang" & "The Big Short", who says the financial sector "basically abused" society. Too much credit, too much easy money, loaned by banks who were not doing their job of withholding loans to people who were a credit risk, led to the financial collapse.
The future is being undervalued. Americans have forgotten about the long term. There is a cultural problem of wanting public services but not wanting to pay for them. This is shortsighted. A crisis is necessary for change to happen. Lewis believes the end game will play-out at the local level. This could take years.
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