Ten Years Later: Wounds Run Deep From 2008 Crash
By Sylvan Lane
Ten years have passed since the depths of the 2008 financial crisis and the U.S. has emerged as a more prosperous but less equal nation. The bankruptcy of Lehman Brothers and government takeover of Fannie Mae and Freddie Mac in September 2008 set off a series of collapses that froze the global financial system and triggered a massive recession. “Did the rules make us safer or just different? I think it’s just different,” said Federal Financial Analytics managing partner Karen Petrou. “If you look at the financial system, it’s considerably more fragile.” Topline economic numbers paint a picture of a booming economy. The unemployment rate of 3.9 percent is near the lowest level recorded in the modern U.S., and the economy has added jobs each month since October 2010.