Edmund F. Biro still remembers how good his life was before the financial crisis that nearly destroyed the economy 10 years ago. The housing market crashed. Then the collapse of Wall Street investment bank Lehman Bros. on Sept. 15, 2008 — 10 years ago this week — plunged the nation into the worst financial crisis since the Great Depression. “I think we did the right things, but now we’re still paying the price.”Experts broadly agree that the bailouts worked to halt the financial crisis and stabilize the banking system. The collapse of the housing market and the financial crisis altered that, producing “the largest spike in wealth inequality in postwar American history,” the study said.

Source: Los Angeles Times September 09, 2018 09:56 UTC