Deep Dive - Financial Crisis

Special report: We're safer 10 years after financial crisis

Illustration: Rebecca Zisser/Axios

For millions of Americans, the 2008 financial crisis came out of the blue. On the theory that it's always calmest before the storm, could another financial crisis of that magnitude come at any moment? The answer, reassuringly, is no.

The bottom line: The stock market is frothy, and it's possible that entire industries like fracking could suffer widespread defaults. But when stocks and bonds go down rather than up, that's a market cycle, not a financial crisis.

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.