Sep 15, 2018

The most urgent financial threats

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

Updated 3 mins ago - Politics & Policy

The aftermath of George Floyd's death: Everything you need to know

A mural outside Cup Foods in Minneapolis, near where George Floyd was killed in an encouner with police. Photo: Steel Brooks/Anadolu Agency via Getty Images

Former Minneapolis police officer Derek Chauvin is in jail under $500,000 bail on charges of third-degree murder and manslaughter after a video of him kneeling on George Floyd's neck for more than eight minutes and Floyd's death catapulted the country's major cities into a state of protest.

The big picture: Floyd's fatal run-in with police is the latest reminder of the disparities between black and white communities in the U.S. and comes as African Americans grapple with higher death rates from the coronavirus and higher unemployment from trying to stem its spread.

Updated 5 mins ago - Science

Live updates: SpaceX attempts to launch NASA astronauts Saturday

SpaceX's Falcon 9 rocket on the launch pad. Photo: NASA/Joel Kowsky

At 3:22 p.m. ET today, SpaceX is expected to launch NASA astronauts Bob Behnken and Doug Hurley to the International Space Station for the first time.

Why it matters: The liftoff — should it go off without a hitch — will be the first time a private company has launched people to orbit. It will also bring crewed launches back to the U.S. for the first time in nine years, since the end of the space shuttle program.

Follow along below for live updates throughout the day...

Updated 1 hour ago - Politics & Policy

In photos: Protesters clash with police nationwide over George Floyd

Police officers grapple with protesters in Atlanta. Photo: Elijah Nouvelage/Getty Images

Police used tear gas, rubber bullets and pepper spray as the protests sparked by the killing of George Floyd spread nationwide on Friday evening.

The big picture: Police responded in force in cities ranging from Atlanta to Des Moines, Houston to Detroit, Milwaukee to Washington, D.C. and Denver to Louisville. In Los Angeles, police declared a stretch of downtown off limits, with Oakland issuing a similar warning.