The Financial Crisis: Causes, Recollections and the Aftermath

The financial crisis happened because we used public money and influence to underwrite and backstop private risk. Every instrument of national policy was directed at enhancing the value of one asset: housing. AIG and the big banks were not alone in attempting to capitalize on what was, by consensus, an important national goal. The failure to anticipate the unintended consequences of this policy have been profound, prolonged and ongoing.

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