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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 29 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Health: Most vulnerable Americans aren't getting enough vaccine information — Fauci says Trump administration's lack of facts on COVID "very likely" cost lives.
  2. Education: Schools face an uphill battle to reopen during the pandemic.
  3. Politics: Biden unveils "wartime" COVID strategyBiden's COVID-19 bubble.
  4. Vaccine: Florida requiring proof of residency to get vaccine — CDC extends interval between vaccine doses for exceptional cases.
  5. World: Hong Kong puts tens of thousands on lockdown as cases surge — Pfizer to supply 40 million vaccine doses to lower-income countries.
  6. Sports: 2021 Tokyo Olympics hang in the balance.
  7. 🎧 Podcast: Carbon Health's CEO on unsticking the vaccine bottleneck.
Bryan Walsh, author of Future
4 hours ago - Health

Schools face an uphill battle to reopen during the pandemic

Illustration: Aïda Amer/Axios

President Biden's plan to accelerate the reopening of K-8 schools faces major challenges from a still out-of-control pandemic and more contagious coronavirus variants.

Why it matters: The longer American kids miss in-person schooling, the further they fall behind. But the uncertain state of the science on the role young children play in the pandemic continues to complicate efforts to reopen schools.

Focus group: Former Trump voters say he should never hold office again

Illustration: Sarah Grillo/Axios

"Relief" is the top emotion some swing voters who used to support Donald Trump say they felt as they watched President Biden's swearing-in, followed by "hope."

Why it matters: For voters on the bubble between parties, this moment is less about excitement for Biden or liberal politics than exhaustion and disgust with Trump and a craving for national healing. Most said Trump should be prohibited from ever holding office again.