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There is a basic lesson on financial crises that governments tend to wait too long, underestimate the risks, want to do too little. And it ultimately gets away from them, and they end up spending more money, causing much more damage to the economy.

The post-crisis perception, at least in the media, appears to be one of Americans being held down by Wall Street, by big companies in the private sector, and by the wealthy. Capitalism is on trial. I see it a little differently. If a lender offers me free money, I do not have to take it.

The 2008 financial crisis and the Great Recession that followed have had devastating effects on the U.S. economy and millions of American lives. But the U.S. economy will emerge from its trauma stronger and widely restructured.

Fiscal crises often turn into financial crises, dealing a blow to the real economy.

There is a huge crisis of employment in America, in the Western world in general.

Financial crises are an unfortunate but necessary consequence of modern capitalism.

Not every business cycle has a financial crisis. Frequently they do.

The crisis and recession have led to very low interest rates, it is true, but these events have also destroyed jobs, hamstrung economic growth and led to sharp declines in the values of many homes and businesses.

Financial crises are like fireworks: they illuminate the sky even as they go pop.

Wall Street excesses helped lead to the Great Recession.