The U.S. Congress on July 15 approved the most substantial reform of the country's financial system since the Great Depression. The measures, put into place to prevent another crisis like the one that slammed the global economy in 2008, have been hailed by supporters as a virtual overhaul of the financial system.
Detractors on the left argue that the moves do not go far enough; opponents on the right claim the bill is another step in the creeping socialization of the U.S. economy and will shrink the flow of funds that has generated economic growth. The overhaul will help insulate the U.S. financial system from future shocks, but it is unlikely to prevent them entirely. That is about all we can expect.
Economists continue to debate the causes of the Great Recession. For some, the chief culprit was the easy credit that flooded the U.S., creating asset bubbles, particularly in real estate. Others insist the problem was not just easy credit, but lending practices that exploited an uninformed public.