Lessons from the GFC

Key Points The lessons of the GFC have generally not been learned The financial system is now more prone to crisis The risk of another GFC-like event needs to be managed now There is no historical marker locating the genesis of the global financial crisis, no event to which one can point and say ‘it was here that it began’. The GFC started in earnest with the collapse of Lehman Brothers in September 2008 but an ensemble performance laid a quicksand of instability in the preceding years. Legislators, beginning with Bill Clinton, took a wrecking ball to the regulations...

There is no historical marker locating the genesis of the global financial crisis, no event to which one can point and say ‘it was here that it began’. The GFC started in earnest with the collapse of Lehman Brothers in September 2008 but an ensemble performance laid a quicksand of instability in the preceding years.

Legislators, beginning with Bill Clinton, took a wrecking ball to the regulations that had kept financial crises at bay since the Great Depression.

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