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Divided Decade

Ten years ago, the American economy broke. Today, the country is a much different place. We've fractured along many lines — economic, political and cultural. How did we get here? Why? How has the system changed and how has it changed us? What does it mean for our future?

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Divided Decade

How a red-hot housing market became a crisis

by Sabri Ben-Achour
Jan 25, 2018
Lessons learned from the Divided Decade.
A builder works on a new home at a subdivision in North Aurora, Illinois, in 2007. Residential mortgage debt doubled between 2000 and 2008 in the U.S.
JEFF HAYNES/AFP/Getty Images
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Divided Decade

10 years later, Cleveland is still digging out of the foreclosure crisis

by David Brancaccio , Katie Long and Adrian Ma
Jan 25, 2018
Some neighborhoods saw prices fall 85 percent.
A view of Broadway Avenue in Cleveland, Ohio.
Tim Evanson/Visual hunt
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Corner Office

Fannie Mae CEO reflects on housing 10 years after the financial crisis

by Kai Ryssdal and Bridget Bodnar
Jan 24, 2018
Timothy Mayopoulos joined Fannie Mae a few months after it was taken over by the government. Today, he's the CEO.
Mark Wilson / Getty Images
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Divided Decade

The Fed's surprise move 10 years ago set the tone for its crisis response

by Tracey Samuelson
Jan 23, 2018
Ten years ago this week, the Fed unexpectedly slashed interest rates at an unscheduled meeting. It was the first of many "bold" actions by the Fed during the financial crisis.
Federal Reserve Board Chairman Ben Bernanke testifies during a hearing before the House Budget Committee Jan. 17, 2008 on Capitol Hill in Washington, D.C. Bernanke was on the Hill to give his views on the outlook of U.S. economy and he said the economy has been growing slow.
TIM SLOAN/AFP/Getty Images
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Divided Decade

Sinking markets, emergency meetings: A Fed governor recalls 2008

by David Brancaccio and Katie Long
Jan 22, 2018
For Randall Kroszner, 2008 was all about doing the exact opposite of what the Fed did in the 1930s.
Randall Kroszner of the Federal Reserve System Board of Governors (R) testifies before the House Financial Services Committee along with Federal Deposit Insurance Corporation Chairman Sheila Bair on Capitol Hill Dec. 6, 2007 in Washington, D.C. The committee held the hearing about accelerating loan modifications, improving foreclosure prevention and enhancing enforcement in an effort to stem damage from the subprime mortgage crisis.
Chip Somodevilla/Getty Images
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Divided Decade

Could the Federal Reserve have prevented the financial crisis?

by David Brancaccio and Katie Long
Jan 22, 2018
A look at what the Fed was doing — and wasn't — before the crisis hit the headlines and your bank account.
Traders work on the floor of the New York Stock Exchange January 22, 2008 in New York City. The Federal Reserve, in reaction to a severe downturn in worldwide stock markets and concern about a United States recession, reduced its interest rate by three-quarters of a percentage point before the opening NYSC bell. 
Stephen Chernin/Getty Images
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