This financial crisis brewed over decades of bad decisions, and, in Vanity Fair, economist Joseph Stiglitz makes sure credit is given where due:
- In 1987 President Reagan appointed anti-regulation Alan Greenspan to a regulatory post.
- Greenspan offered the markets a "flood of liquidity" that boosted inflation and caused two financial bubbles.
- The Glass-Steagall Act was repealed in 1999, allowing commercial banks to become high-risk borrowers.