What Incited the 2008 Financial Crisis: NCPA

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New Timeline Outlines the Events that Led to the 2008 Market Crash

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Most Americans did not recognize that the United States had a financial problem until 2007. Evidence of the impending crisis, however, emerged years earlier.

As part of the mission to determine the major causes of the 2008 financial crisis – and prevent a reoccurrence – the NCPA Financial Crisis Initiative Task Force has published a comprehensive timeline of the crisis, from its inception in 2004 through 2010.

“Most Americans did not recognize that the United States had a financial problem until 2007. When people recognized the problem, it was seen as a subprime mortgage issue,” says Task Force Leader Dennis McCuistion. “Evidence of the impending crisis, however, emerged years earlier.”

In order to address the underlying issues that led to the 2008 crisis, the FCI has published a series of videos:

  •     In the FCI’s first video, Task Force Leader Dennis McCuistion outlined the events that precipitated the crisis.
  •     In the first of two short videos, Citigroup Whistleblower and Professor of Ethics Richard Bowen said despite plenty of evidence, no one has been held criminally responsible for the events that led to the crisis.
  •     In the second video, Bowen explains that instead of filing criminal charges, banks made “protection money” to the Department of Justice cover up their pervasive fraud.

FCI experts will continue to focus their attention on how the lack of ethic and transparency in both financial service firms and government policy may have interacted to trigger a crisis, and to explore the best methods for preventing further crisis.

For more on the Initiative, visit: http://www.ncpa.org/financial-crisis/

A Chronology of the Financial Crisis: http://www.ncpa.org/pub/a-chronology-of-the-financial-crisis

The National Center for Policy Analysis (NCPA) is a nonprofit, nonpartisan public policy research organization, established in 1983. We bring together the best and brightest minds to tackle the country's most difficult public policy problems — in health care, taxes, retirement, education, energy and the environment. Visit our website today for more information.

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Catherine Daniell
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