Several questions arise as we reflect on the events of September 2008. Have we learned the lessons offered by the experience and taken corrective action? Have our powers of surveillance improved, so that we have a better chance of detecting the next crisis? And what are the lingering after-effects that still require attention?
Now that we are ten years out from the crisis, let’s assess what we have learned:
- Global debt has continued to grow, despite the lessons of 2008
- Higher capital levels are an insurance policy against crisis contagion
- The crisis response remains controversial, 10 years later
- New types of lenders met the credit needs of a variety of borrowers