"It was, literally, the crime of the century, one whose effects will continue to plague the world for many years via America''s economic stagnation and Europe''s debt crisis."

Deregulation''s dangerous legacy.The financial crisis of 2008 was the result of decades of financial deregulation, starting in the 1980s. This process removed crucial safeguards, allowing banks to engage in increasingly risky and fraudulent practices. Key milestones included:

Fraud and predatory practices.As regulation decreased, fraudulent and predatory practices increased. Banks and mortgage lenders:

The result was a massive housing bubble and subsequent financial collapse that devastated the global economy, leading to widespread unemployment, foreclosures, and economic stagnation.