Illustration: Rebecca Zisser/Axios

The financial crisis was shocking because so few people saw it coming, as much of the risk was hidden within complex financial instruments.

Why it matters: That likely means we have known unknowns right now, but current concerns mostly revolve around the three Cs: 1) Complacency; 2) Contagion; 3) Cyberattacks.

  • Regulatory complacency: The Trump administration has rolled back certain Dodd-Frank reforms, at a time when architects of the 2008 response are asking for new protections. There's also lingering fear of the next debt-ceiling showdown ending in default — possibly resulting in mass repricing of risk across all asset classes, which in turn could precipitate a global financial panic.
  • Contagion: Many economists continue to worry about emerging market debt and currencies, particularly as global financial institutions have become more interconnected.
  • Cyberattacks: Big financial institutions have collapsed under their weight of market pressures or their own stupidity, but not yet because of digital arsonists inside of their networks. That could change.

Go deeper: Axios' Steve LeVine examines the coming financial contagion.

Go deeper

Amy Harder, author of Generate
12 mins ago - Energy & Environment

Climate change goes mainstream in presidential debate

Photo illustration: Aïda Amer/Axios. Photo: Olivier Douliery-Pool/Getty

The most notable part of Thursday’s presidential debate on climate change was the fact it was included as a topic and assumed as a fact.

The big picture: This is the first time in U.S. presidential history that climate change was a featured issue at a debate. It signals how the problem has become part of the fabric of our society. More extreme weather, like the wildfires ravaging Colorado, is pushing the topic to the front-burner.

Finally, a real debate

Photo: Morry Gash/AP

A more disciplined President Trump held back from the rowdy interruptions at tonight's debate in Nashville, while making some assertions so outlandish that Joe Biden chuckled and even closed his eyes.

  • A Trump campaign adviser told Axios: "He finally listened." 

The result: A real debate.

Biden to Trump: "I have not taken a penny from any foreign source ever in my life"

Former VP Joe Biden pushed back Thursday against allegations from President Trump, saying he had never profited from foreign sources. "Nothing was unethical," Biden told debate moderator Kristen Welker about his son Hunter's work in Ukraine while he was vice president.

Why it matters: Earlier on Thursday, Hunter Biden's former business partner, Tony Bobulinski, released a statement saying Joe Biden's claims that he never discussed overseas business dealings with his son were "false."