look how much the stock market surged afterward and continues to surge. maybe not so dumb after all. No one really paid for it given that taxes didn't go up. it was paid with 0-2% yielding bonds and then later in 2011 turned a profit. It was not super-wealthy people who benefited from the market surge, even ordinary people with retirement accounts benefited, assuming they did not sell at the bottom.
caused by the banking crisis. ok. But do you really thing Blair and Brown and war spending and no restraint at all on domestic government spending during the boom blowing out the debt had /nothing/ to do with what came next when the boom ended?
> No one really paid for it given that taxes didn't go up.
The US has settled for an equilibrium where things get paid for with debt an money printing, making it very confusing to work out who is paying for what. That isn't a reliable signal to use. Someone ate the massive losses that were being realised, no new wealth was created. It just isn't as clear who because the situation has been confused to the point where a simple connection can't be drawn.
Probably the damage is being spread amongst pensioners or something. Or, quite likely, the sort of people who eventually decided to vote for Trump. People who think they're getting a good deal don't vote for candidates like that.
