The 2008 recession is still recent history. We came oh so close to a near global financial collapse. The Dow Jones Industrial Average (DJIA) sinking by about 54% in the 17 months from the market high in October 2007 to the trough in March 2009.
But we survived, barely. Part of the medicine included the largest bank bailout in U.S history to stave off a complete collapse. Another part was the enactment of a law to reign in the reckless, deceptive, and predatory practices which caused and amplified this great recession, the Dodd-Frank Act. Now we’re considering doing away with it. How short our memory has become. Here is the NY-Times take:
What is old is new again, and so will be the lessons if we’re not careful.