The crisis that struck a decade ago had its origins in the easy-to-get mortgages that fueled a housing market bubble that began in the early 2000s. When that bubble burst, the government had to take aggressive action to prevent a repeat of the Great Depression.
Across much of Southern California, home prices are setting records. But the crunch still lingers for the Victor Valley
Across much of Southern California, home prices are setting new records. But in inland stretches like the wind-swept Victor Valley, some 80 miles northeast of downtown Los Angeles, the lingering effects of the housing crash are more deeply felt.
Amid the chaos after Lehman Bros.' collapse, the big banks got hundreds of billions of dollars in bailouts. Aggressive stimulus efforts injected trillions of dollars more into the financial markets and the economy. But there were no big bailouts for average Americans.
What's changed since the financial crisis? As measured by Americans' debt load, not much. We owe more today than they did 10 years ago, even if how we spend our money has changed.