A Year after Lehman’s Demise

A year has passed since Lehman’s collapse. The U.S. economy as well as other economies has experienced the hardships since then.

Among the numerous indicators that one has to keep an eye on, the U.S. debt keeps rising: the U.S. federal deficit hit 1.38 trillion dollars in August. This is the worst debt crisis in the U.S. history. The U.S. unemployment rate reached a 26-year high of 9.7% in August.

In essence, at a time when Lehman filed bankruptcy, the root cause of the economic debacle lied in a lack of morals and accountability both at the public and corporate levels.

Have these underlying problems been fixed to some extent?

I think not.

The U.S. financial crisis has jeopardized not only capitalism but also democracy.