Skip to main content
10 years on from the crash, what have we learnt?
We can expect the financial sector giants to do everything in their power to stop Jeremy getting into Downing Street, writes KEN LIVINGSTONE
he Lehman Brothers headquarters building at Canary Wharf in London

It’s 10 years since the collapse of Lehman Brothers created the worst economic crisis since the Great Depression of the 1930s, but governments have failed to make changes necessary to prevent a similar collapse.

Back in the 1930s, the US government responded by introducing new laws that made it illegal for the local high street banks to make risky gambling decisions.

Today, if anything, the financial sector is growing more powerful and wealthier than ever. More and more of the wealth created across the world is going into the pockets of the richest 1 per cent and via methods that mean they seldom pay any tax. The result is that across the Western world inequality is getting dramatically worse and the lives of ordinary people are being squeezed. It is the anger of ordinary people responding to this injustice that fuelled the votes to elect Trump and to take Britain out of the EU.

Donate to the Fighting Fund
Support the Morning Star
You have reached the free limit.
Subscribe to continue reading.
More from this author
seoul
Features / 29 July 2023
29 July 2023
It is mayors living close to the people who understand what is needed to tackle climate change better than national politicians in their private jets and chauffeur-driven cars, writes KEN LIVINGSTONE
misiones
Features / 1 July 2023
1 July 2023
With the 25th anniversary of his first election approaching this year, KEN LIVINGSTONE writes on the achievements and legacy of an important figure in Latin America’s history
school meal
Features / 16 June 2023
16 June 2023
KEN LIVINGSTONE writes on the importance of devolution – and using devolved powers for progressive ends
Orgreave
Features / 19 May 2023
19 May 2023
Wide-ranging attacks on ‘enemies within’ are reminiscent of Thatcher’s assault on the miners, GLC, and black and Irish communities in the '80s, writes KEN LIVINGSTONE
Similar stories
Activists from Fossil Free London and Green New Deal Rising
Features / 31 January 2025
31 January 2025
BERNIE EVANS despairs of a government that is asking the crooks sucking Britain dry how to get the economy back on track
Chancellor of the Exchequer Rachel Reeves at the Confederati
Features / 14 January 2025
14 January 2025
Instead of responding to changed circumstances by adjusting policy, Reeves is using fiscal ‘rules’ as an excuse to force government departments to make even deeper cuts than she had already flagged, says CLAUDIA WEBBE
For a worker’s Budget, tax the fat cats
Features / 4 November 2024
4 November 2024
In the second of two articles on Labour’s weak Budget, ROBERT GRIFFITHS argues that Britain’s massive private wealth and offshore tax havens show clear potential for radical redistribution through progressive taxation