10 Years After the Financial Crisis, Have We Learned Nothing?
Obtained From: CNN
The crisis unofficially began a decade ago today, with JPMorgan's shocking deal to rescue Bear Stearns for $2 a share after the investment bank suffered deep losses tied to its mortgage investments. Bear was the first major investment bank to fail, but it would not be the last.
Now, with a buoyant economy finally starting to lift some of the United States' most depressed pockets, CNNMoney is taking a look back at the 10 years following the financial meltdown that stretched around the globe — and signs that something similar might again be on the horizon, as Congress and regulators begin to loosen some of the rules they put in place to fix and prevent the problems.
"We're sitting here, 10 years later, with a short-term memory that doesn't seem to recall how we got into that mess," Taylor says. "We got into that mess because of the lack of regulation, and now we're talking about making banks less accountable. It makes no sense whatsoever."
The crisis unofficially began a decade ago today, with JPMorgan's shocking deal to rescue Bear Stearns for $2 a share after the investment bank suffered deep losses tied to its mortgage investments. Bear was the first major investment bank to fail, but it would not be the last.
Now, with a buoyant economy finally starting to lift some of the United States' most depressed pockets, CNNMoney is taking a look back at the 10 years following the financial meltdown that stretched around the globe — and signs that something similar might again be on the horizon, as Congress and regulators begin to loosen some of the rules they put in place to fix and prevent the problems.
"We're sitting here, 10 years later, with a short-term memory that doesn't seem to recall how we got into that mess," Taylor says. "We got into that mess because of the lack of regulation, and now we're talking about making banks less accountable. It makes no sense whatsoever."
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