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The repercussions of Wall Street’s unchecked power from "summary" of The Big Short: Inside the Doomsday Machine (movie tie-in) by Michael Lewis
The financial crisis of 2008 was not a random event. It was the result of a system that had become corrupted by greed and unchecked power. Wall Street had been given free rein to do as it pleased, and the consequences were catastrophic. The repercussions of this unchecked power were felt far and wide, as ordinary people lost their homes, their jobs, and their savings. Banks and financial institutions had taken on too much risk, making bets they couldn’t cover when the housing market collapsed. They had become so focused on short-term profits that they lost sight of the long-term consequences of their actions. The system was set up to benefit a select few at the expense of everyone else, and when it all came crashing down, the fallout was devastating. The finan...
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