Hacker News Reader

Comment by searine | Hacker News Reader

Depression era children created the reforms that ushered in an era of plenty, which was then slowly eroded until we are back where we started.

We can only hope that the Great Recession created another generation that will fight for the economic reforms necessary to regain our dignity.

View on HN

Surely the horn of plenty constantly refills.. Would really be depressing if all we ever where is too late to a one time party. Here to clean up and to be looked down upon for not getting that high.

> We can only hope that the Great Recession created another generation that will fight for the economic reforms necessary to regain our dignity.

Not so far, it hasn't.

The units of history are large.

It hasn't even been a decade since the crash, and people don't easily forget.

How long after the crash of 1929 were the reforms? Well, there was the Securities Act of 1933, the start of the SEC in 1934, the FDIC in 1933, and Glass-Steagall in 1933. So, most of it was four to five years after.

We are now eight years after 2008. What's happened? Not very much, from my view.

> people don't easily forget.

I think that 2008 wasn't nearly as bad as 1929, and people therefore forget much more easily.

Gordon Brown saved what was left of the world economy by bailing out RBS, Lloyds, and BoS, and forced the US to similarly bail out several of the US banks and auto manufacturers.

It could have been a lot worse.

The people who were hit the hardest are still growing up, and many of them yet to reach voting age. I think change will come, but that will be after the death of the old guard (from age), and when this generation becomes the largest voting block.

Reply on news.ycombinator.com