10 Years Later: The Financial Crisis State by State

The following article by Joe Valenta was posted on the Center for American Progress website February 22, 2018:

The New York Stock Exchange stands in lower Manhattan, February 2017. Credit: Getty/Spencer Platt

Ten years ago, the financial crisis began, kicking off the Great Recession. U.S. households lost $19 trillion in wealth, and 8.8 million Americans lost their jobs. The crisis was fueled by predatory lending practices and lax oversight, with its ramifications felt not just in every state, but around the globe. As a result, then-President Barack Obama and Congress strived to limit the harm of a future crisis—and through passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010, coupled with other laws and administrative actions, they built a stronger, safer financial system without unduly hampering lending or economic growth. Continue reading “10 Years Later: The Financial Crisis State by State”