Aaron Katersky, Donald Trump, ABC discussed on John Reid
This was the song, was the number one song win the great recession hit ten years ago you remember that I sure do I was one of the folks who lost my job I mean it was a miserable time for me in the first time, in, my career that I didn't have. A paycheck and burned through my savings and so when when Americans talk about how? Desperate they were, I, sure identify with Aaron Katersky is our ABC news correspondent who has. Spent the last several, weeks? Going through all the data and resurrecting all those horrible stories of what it was like and. How I guess we've bounced back now. Aaron glad you could be with us tell me what you. Found out what you, recall and, and how we're doing today I think primarily we we dispensed with our. Concerns over the explicit lyrics of Katy Perry's I kissed a. Girl right And focused quickly on another thing. I dropped that pretty fast What we I think probably what we found through different stories in different parts of. The country, was that Americans Bill the country is, unquestionably back, I mean just look at the latest GDP report you. Know four point two percent growth in in the second quarter look at the stock, market corporate, profits by almost any economic measure. The country is you know Put the great recession. Well in the rear, view mirror, and, yet you, know, people are still feeling the effects I met a guy in in Saint Louis who story you'll hear on that he. Had umpire girls softball because he, lost his job when the auto. Industry nearly went belly up and so, while he's, back and and and has since out at a new permanent job in addition to his. I'm firing, he you know he he lost the, nest egg that he thought he would have and similar stories came out of a couple of. Women I, met in in southwestern Florida the foreclosure capital of the country they lost homes had to move like you know a bunch of times. Within a, short span because the rents keep going, up even, now and again they're in homes are living their lives. But maybe not to the extent they thought they would be at this point in, their lives So there has been some permanent. Damage or some at, least deep, damage, done to, the, Bank accounts of a lot of people who were presumably on track for their retirement twenty thirty years down the road. I also wonder as you as. You talk to folks do you. Sense a psychological impact on the American, worker I, know it it shook me up always heard my grandfather talk about the great depression and. Now I'm, you know I'm a little less likely, to get into an argument with the boss because I don't want to go through that again You know it's a, good point and, I think, that the psychological damage has hit us in a couple of different ways Americans for a long time we're saving more money Although that trend, seems. To have a little bit and we're back to you know spending on plastic but, we are also a. Little more leery, of of buying a. Home in Lee county Florida Lee county had the highest rate of foreclosure in the country back ten years ago the. People are either so Skittish about buying another home or the rules, have tightened for lending and and they just can't. Because their credit at this point a shot that the rents are actually going up because, everyone's renting, and so people are getting priced out of rental properties now and, that's been another lingering impact and I think the other the other bit is that, we we really tended to to to rush this away I'm you'll remember the tarp and the, troubled asset relief program and all the debate over you know bailing out the banks and. All of that in in those programs economists in years later are fairly, well at, agreement that those, programs ended up working but it still doesn't answer those lingering questions of what about what, about. Us in the country actually pay attention to people who lost their homes or or, lost their jobs or individual Those who were affected as opposed to these giant institutions and and I think that's you know. That's, been a question that's affected our politics ten years later yeah well there's no doubt that a lot of people felt left behind and probably still do and I wonder we don't have time to get into it right now wonder whether that's one of the reasons that so many people really have rallied behind Donald Trump is they think the billionaire from New York has their. Back when the rest of these guys didn't I I don't. Know that's just a just a. Thought no I think you're you're onto something I think without, the great recession just briefly there is no Donald. Trump and and frankly for for others there is no Bernie Sanders I mean it it's, supposed to, economic populism either on the right or the left that that that, was born out of such a painful event that now seems but a distant memory, well it's important for us to look back at that and for us not to forget the, people who were damaged and hopefully make sure we don't wind up in the same situation Aaron Katersky is our ABC news correspondent he's worked very hard on a program that we. Are, going to air here on NewsRadio w. v. VA on Monday on Labor Day it's called America works so you'll be able to hear Aaron and his reporting all across the country Here on NewsRadio WR VA on Monday Aaron Katersky thanks so much, for joining us this morning appreciate traveling all right let's check traffic. And weather together VA will go real. Fast to the Richmond raceway traffic.