U.S. Department of the Treasury
The financial industry is less vulnerable to shocks than before the crisis.
Another downturn or recession might hit us in the next few years, as a natural consequence of the business cycle, but we're unlikely to have another Great Recession or major crisis. At least in the U.S. And here's why.
The Treasury Department released a whole bunch of very nice charts last week that summarize in glorious visual detail the government's response to the crisis. My personal favorite is above.
What put the "crisis" in financial crisis was actually the "financial" part: the nation's "too big to fail" banks all had to be bolstered with taxpayer bailouts (some reportedly against their will). A couple of investment banks went down. A couple more had to seek emergency deals and call in favors through the backdoor — and stop being true investment banks, but rather "bank holding companies" so that they could get more money from the Federal Reserve.