Remembering the global financial crisis, 10 years on
Ten years ago in September 2008, Wall Street bank Lehman Brothers collapsed when the bubble in the US mortgage market burst.
The bank was hurt by a drop in real estate values and a financial crisis caused by lack of liquidity. While the Federal Reserve had rescued numerous troubled banks earlier that year, it let Lehman Brothers go. Consequences were so terrible that almost brought down the entire financial system.The Fed had to come up with a $700 billion bail-out fund - the Troubled Assets Relief Plan (TARP). Later, Congress passed the Dodd-Frank law that urged a raft of new rules, including new oversight of the massive swaps market, mortgages and consumer financial products, among others.
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