| HBS Case Collection
Fighting a Dangerous Financial Fire: The Federal Response to the Crisis of 2007-2009
By the summer of 2009, many observers concluded that a catastrophic financial collapse- which seemed all but imminent the previous fall and winter - had been averted. Although the recession had still yet to be declared over and the economy's footing remained far from solid, many believed that the worst of the crisis was over. With the global financial system no longer spiraling into an abyss, government officials, business leaders, and American taxpayers could now take stock of where they had been and where they should be headed. In particular, many wondered how the disaster had happened in the first place: what exactly had caused the brutal financial crisis of 2007-2009?
Keywords: Business Cycles;
Economic Slowdown and Stagnation;