Editor's note: In late 2007 and
early 2008, the house of cards came crashing down around us, and all of
the economic doctrine we'd been fed by the pundits and politicians of
both parties over the past few decades was laid bare for all to see. The
deregulated cowboy capitalism that was supposed to release unbridled
prosperity had led instead to widespread economic pain – hardship that
would spread globally and remain with us to this day.
It
was a moment ripe for a populist uprising. Many observers expected the
pendulum to swing back from the rightward lurch authored during the
“Reagan Revolution” – perhaps a new New Deal would emerge as America
elected its first black president in a dramatic rejection of George W.
Bush's business-friendly ideology.
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