Steve Roth — Deep and Long: Private Debt and Financial Recessions

And it’s worth remembering who that devastation is visited upon: the middle class and the poor.The rich do just fine.

Recessions are nature’s (and neoclassicals’) way…of keeping the little guy down.

Aymptosis
Deep and Long: Private Debt and Financial Recessions
Steve Roth

Think of business and financial cycles in terms of the alternation of expansion and consolidation phases that chiefly benefit owners, with workers chiefly bearing the brunt of the consolidation — by design. Which is a reason I call neoclassicism and neoliberalism advocacy rather than economic science.