How to Waste a Crisis
You never want a serious crisis to go to waste. What I mean by that is that it is an opportunity to do things you think you could not do before.
—Rahm Emanuel, Comments to Wall Street Journal’s “CEO Council” Conference, November 19, 2008
RAHM EMANUEL WAS NOT ALONE in believing that the financial crisis of 2008 and the Great Recession would usher in an era of fundamental reform. Liberals were certain that the crisis had proven them right about the inherent dangers of unregulated financial capitalism and that the voters would finally see things their way. A charismatic new leader and progressive legislative majorities would lead the country toward a newer and fairer deal. Not only would the financial system be restructured ...