Investment banking has, in recent years, resembled a casino, and the massive scale of gambling losses has dragged down traditional business and retail lending activities as banks try to rebuild their balance sheets. This was one aspect of modern financial liberalisation that had dire consequences.
Suppose a bad guy guesses the password for your throwaway Yahoo address. Now he goes to major banking and commerce sites and looks for an account registered to that email address. When he finds one, he clicks the 'forgot my password' button and a new one is sent - to your compromised email account. Now he's in a position to do you serious harm.
Unemployment insurance, abolishing child labor, the 40-hour work week, collective bargaining, strong banking regulations, deposit insurance, and job programs that put millions of people to work were all described, in one way or another, as 'socialist.' Yet, these programs have become the fabric of our nation and the foundation of the middle class.