The Financial Crisis Five Years Later — How It Changed Us

Share:
U.S. flags adorn the facade of the New York Stock Exchange early Tuesday morning Jan. 22, 2008. U.S. stock futures seesawed Tuesday after the Federal Reserve, responding to a growing financial market crisis, slashed interest rates 0.75 percentage point.

U.S. flags adorn the facade of the New York Stock Exchange early Tuesday morning Jan. 22, 2008. (AP Photo/Richard Drew)

September 10, 2013

In September 2008, the outlook for the financial system couldn’t have been worse. Markets were plunging, layoffs were mounting, and Congress was scrambling. As Federal Reserve Chairman Ben Bernanke warned lawmakers in an emergency meeting that month, without a $700 billion bank bailout, “We may not have an economy on Monday.”

The aftermath upended countless lives. By the low point of the recession, Americans’ retirement savings had shrunk by about $2.5 trillion. More than 8.8 million jobs were lost, and roughly 3 million homes had gone into foreclosure.

Five years later, the economy is on the mend, but the legacy of the crash still reverberates. Over the next two days, FRONTLINE is joining with a group of leading journalists to explore where we are a half decade after the worst financial crisis since the Great Depression. Today’s conversation will focus on how the meltdown has reshaped the nation, and whether we’re safe from another crash. Tomorrow, we’ll look at the policing of Wall Street.

The conversation will begin below at 11:00 am and continue throughout the afternoon.


Jason M. Breslow

Jason M. Breslow, Former Digital Editor

Twitter:

@jbrezlow

In order to foster a civil and literate discussion that respects all participants, FRONTLINE has the following guidelines for commentary. By submitting comments here, you are consenting to these rules:

Readers' comments that include profanity, obscenity, personal attacks, harassment, or are defamatory, sexist, racist, violate a third party's right to privacy, or are otherwise inappropriate, will be removed. Entries that are unsigned or are "signed" by someone other than the actual author will be removed. We reserve the right to not post comments that are more than 400 words. We will take steps to block users who repeatedly violate our commenting rules, terms of use, or privacy policies. You are fully responsible for your comments.

blog comments powered by Disqus

More Stories

Former Boeing 737 Max Pilot Pleads Not Guilty to Federal Grand Jury Indictment
Mark Forkner’s role at Boeing leading up to the crashes that killed 346 people was detailed by The New York Times and FRONTLINE in ‘Boeing’s Fatal Flaw.’
October 15, 2021
PANDORA PAPERS: Video & Major Stories From Our Partners
Watch the trailer for an upcoming FRONTLINE investigation into the Pandora Papers, exposing how U.S. trusts are sheltering millions in controversial assets, and read major stories from our ICIJ partners.
October 14, 2021
‘I Cannot Protect Her’: A Granddaughter Gone Missing. A Leading Activist Unable to Help.
As FRONTLINE’s Najibullah Quraishi was interviewing women’s rights activist Mahbouba Seraj in Afghanistan, something unexpected happened.
October 12, 2021
‘Brink of Collapse': How Frozen Assets & Halted Foreign Aid Are Impacting the Afghan People
Even before the Taliban took over Afghanistan, the country was facing a drought, the ravages of the COVID pandemic, mass displacement and civilian casualties reaching record levels. And then came the freezing of assets and international aid.
October 12, 2021