Portside

Review of George Packer's "The Unwinding: An Inner History of the New America." This American life is a mess. As responsible as they were for instigating the Great Recession, Wall Street and the securities industry were not the business centers solely at fault for the lead-up to the collapse. An outsized military budget, imperial wars, the decline of unions as counterweights to corporate excesses and the flight of manufacturing overseas played their parts, too.

Today, Ireland is under a different sort of tyranny, one imposed by the banks and the troika--the EU, ECB and IMF. The oppressors have demanded austerity and more austerity, forcing the public to pick up the tab for bills incurred by profligate private bankers.

It’s easy to see that the crisis has wounded the country in ways big and small, and that the damage isn’t done even now. Here are five charts that capture the scope and struggles of the Great Recession, five years after it began:

The right-wing billionaire Koch Bros. raised and spent $250 million in 2012 to shape political and policy debate nationwide. Freedom Partners, the front for the mysterious Koch brothers, cut checks as large as $63 million to groups promoting conservative causes, according to an IRS document to be filed shortly.

The municipal workers, whose pensions are theoretically protected under the Michigan Constitution, are classified as “unsecured” claimants who will get the scraps after the secured creditors put in their claims. The banking casino, it seems, trumps even the state constitution. The banks win and the workers lose once again.

By controlling warehouses, pipelines and ports, banks gain valuable market intelligence, investment analysts say. That, in turn, can give them an edge when trading commodities. In the stock market, such an arrangement might be seen as a conflict of interest — or even insider trading. But in the commodities market, it is perfectly legal. In 2011, an internal Goldman memo suggested that speculation by investors accounted for about a third of the price of a barrel of oil.