The Financial Crisis, Ten Years Later: What Have We Learned?

As two of the nation’s top policymakers and regulators, Sheila Bair and Hank Paulson were at the frontlines fighting to contain the worst financial crisis since the Great Depression. Ten years later, the country’s economic situation could not be more different: the unemployment rate is at historic lows, corporations are flush with cash, and there has been consistent economic expansion. Further, banks are better capitalized and the financial sector more regulated. Yet US debt is surging, the Trump administration is moving to defang the Dodd-Frank Act, and subprime loans are making a comeback. How confident are policymakers in the lessons they’ve learned and the regulations they’ve implemented since 2008? Is our economy truly safer today—and will it be ready when the next crisis hits?