The claim that scandals are useful tools to gain public attention for social reform is often made. However, the 2008 financial collapse and subsequent recession did not help bolster this argument. Scandals, after all, are almost always the result of negligence or mismanagement, two characteristics that are prevalent in almost every aspect of modern life. A scandal is, therefore, a rare occurrence. The 2008 recession, for example, was hardly a scandal, considering how prevalent economic malfeasance was. The financial crisis consisted of a series of blunders by financial institutions, such as Lehman Brothers, Bear Stearns, AIG, Merrill Lynch, and others, that combined to result in the $20 trillion loss of US economic wealth. These institutions were run by people who should have known better, if not better still, but they missed or ignored warning signs, such as excessive risk-taking, lax oversight, and overly aggressive investment strategies. The companies that suffered losses were, of course, bailed out by the government with billions of dollars of taxpayer money. Most of this money was wasted, however, as much of it went to executives, shareholders, and bondholders, not to the economic situation itself. The bailout did not solve any of the underlying problems that led to the crash, nor did it prevent subsequent financial crises

The 2008 financial crisis was a particularly bad example of scandal, as it involved trillions of dollars, millions of jobs, and many families. The mismanagement of natural resources, such as oil, gold, and coal, also results in scandal. The mining of gold, for example, has led to the destruction of ancient sites and the pollution of waterways, while many pipelines have burst and oil wells have gone sour, causing extensive damage to the environment. The exploitation of natural resources has caused the extinction of many animal species, especially fish. The Deepwater Horizon oil spill in the Gulf of Mexico in 2010, estimated to have killed 5.7 million fish, was one of the most devastating environmental catastrophes ever. The consequences of mining or oil production often go beyond merely environmental damage. The depletion of fossil fuels, for example, has made it difficult, if not impossible, for humanity to sustain a growing population, let alone expand it, and climate change has become a serious threat to the survival of our planet. The exploitation of natural resources has also resulted in economic turmoil. It is no coincidence that many developing countries have experienced growth followed by political instability, such as the Arab Spring, as oil revenues have led to corruption, the squandering of funds, and the creation of a class of wealthy elites

The bottom line is that scandals are rarely useful. They are a consequence of human error, wrongdoing, or mismanagement. Scandals are seldom the result of deliberate actions, and those that are seldom result in public outrage. The 2008 financial crisis was, however, the ultimate example of mismanagement, greed, and corruption. The crisis was a product of malfeasance and excessive risk-taking, and it did lead to widespread outrage and calls for reform. The 2008 recession provided an impetus for reform, but that reform failed to prevent similar crises from occurring.