for some of the worst offenders. We’ve put on conferences, led campaigns and certainly done a lot of talking. But when it comes to the concentration of power and wealth, things actually seem to be getting worse, not better. The big guy has continued to win big time.
Between then and now, the dot-com bubble burst. The housing crisis devastated millions of homeowners, wiped out banks, crushed markets and sparked regulation aimed at protecting consumers. The government came to the rescue.That rescue stabilized our financial system, and the continued support from the Federal Reserve and central banks around the world provided a safety net for markets. Investors were incentivized to take on bigger risks and got significantly richer.
During Trump’s presidency, the economy generally improved and the pro-business policies supercharged markets. But those overall gains were exponentially better for wealthy people. The inequality divide deepened, and even though some business leaders have worked to transform corporate culture and promote"stakeholder capitalism," these efforts, too, have faced much criticism, with critics labeling the changes"woke economics.
This has a lot to do with new Securities and Exchange Commission Chair Gary Gensler, who has remained mostly quiet on crypto but has deep knowledge of the tricks of the trade — andto kick many of those tricks to the curb. Gensler spent close to 20 years on Wall Street. It’s like someone who grew up in a crime family becoming the chief of police: He knows where the bodies are buried and he’s not afraid to dig.
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