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Podcast: Open to Debate
Episode: Is the Banking System Safer Than It Was in 2008?
Description: When the Great Recession struck, it was the start of the most significant economic downturn since the Great Depression of the 1930s. A slumping housing market revealed vulnerabilities of huge numbers of mortgage-backed securities and derivatives. In the aftermath, unemployment soared to 10%. GDP dropped by more than 4%, and federal authorities unleashed a series of unprecedented fiscal and monetary policies aimed at stemming the bleeding. When the dust finally settled, legislators and regulators pushed through a series of reforms meant to prevent the repeat of such a calamity. Fast forward to 2023 and the global banking system may be facing its most si...