Here are a few of the many consequential differences between all previous recessions and the current
have never been:
1. Households … so dependent on debt as a substitute for stagnating wages.
2. Real earnings (adjusted for inflation) … so stagnant for the bottom 90% for so long.
3. Corporations … so dependent on debt (selling bonds or taking on loans) to fund money-losing operations (see Netflix) or stock buybacks … to enrich insiders.
4. The stock market … so dependent on what amounts to fraud–stock buybacks–…
5. The economy … so dependent on absurdly overvalued stock valuations to prop up pension funds and the spending of the top 10%.
6. The economy and the stock market … so dependent on central bank free money for
financiers and corporations
, …what amounts to an embezzlement scheme.
7. Federal statistics … so gamed, rigged or distorted to support a neofeudal
8. Major sectors of the economy … such rackets, i.e. cartels and quasi-monopolies
that use obscure pricing and manipulation of government mandates to maximize profits …
9. The economy … in such thrall to sociopaths who have mastered the exploitation
of the letter of the law while completely overturning the spirit of the law.
10. Households and companies … so dependent on “free money” gained from asset
appreciation based on speculation, …
11. The ascendancy of self-interest as the one organizing directive in politics and finance … so complete, and the resulting moral rot never more pervasive.
12. The dependence on fictitious capital masquerading as “wealth” …
13. The dependence on simulacra, simulations and false fronts to hide the decay of trust, credibility, transparency and accountability … so pervasive and complete.
14. The corrupt linkage of political power, media ownership, “national security” agencies
and corporate power … so widely accepted as “normal” and “unavoidable.”
15. Primary institutions such as higher education, healthcare and national defense … so dysfunctional, ineffective, sclerotic, resistant to reform or costly.
This is only a selection of a much longer list, but you get the idea.