WSJ has been trying to fetch the word "Richcession" into existence for a few months now. Broader point is that the bad economics of this particular moment are tilted much more towards the 1%, rather than the 99%.

Know the last time the word "anti-trust" was used in a state of the union speech? 2023. Know the time before that? 1979. If I were a democratic strategist, and I were looking to not give the former Tea Party any fuckin' leverage in this moment, I would let the banks eat shit. Each and every one of them. I would throw them into receivership, I would pay out my FDIC deposits on that tiny splinter faction of America that has less than two hundred and fucking fifty thousand dollars in their checking account and I would dare the Republicans to defend Chinese venture capital at the expense of medicaid and student loans.

There aren't any laws being broken here, just bad decisions. Capitalism is the freedom to make bad decisions. Schumpeter called it "creative destruction" and it's the same thing that let Uber briefly out-price taxis, that let AirBnB briefly out-price hotels.

You only have to look back fifteen years to see what happens when you don't make banks face consequences. You lose Congress and you sow dragon's teeth. Since a thunderous amount of bailout money went to people who didn't need it, who put it in banks that didn't need it, who shored it up with assets that they knew would suck, this is just financial Ouruboros.

let the bodies hit the floor