To put it another way, far from being an end of an era, the Great Recession was a temporary blip in the global march of the oligarchs. They will pass their wealth to their children and establish aristocracies of wealth – not only in the US, but in Britain, China, Russia, India, Mexico and Brazil too. After 1929, the Roosevelt administration took political action to make American society fairer. After 2008, the Obama and Brown administrations did nothing and so nothing changed. They did not even tell the banks that had taken public money that they could not give bonuses to their staff.