ABSTRACT

The 2008 financial crisis arguably resulted in large part from the irresponsible activities of big banks. The resulting recession has had a lasting effect. Long-term unemployment remains four times higher than it was before the recession; longterm damage could amount to more than a trillion dollars a year.1 Moreover, income inequality in the United States is now at the highest level since 1928: 90 percent of the country receives less than half the national income.2 Additionally, 77 million Americans are delinquent on their debt: one third of the United States population has debt in collections.3 As global sea levels and ocean temperatures increase, the environment also suffers potentially irreversible damage because of corporate greed. In short, the economic system has severe problems.