次貸危機
These economic changes were fueled by the government's economic policy of deregulation of the financial sector. This deregulation, combined with the repeal of the Glass-Steagal Act, allowed banks to lend more money to consumers, regardless of their ability to pay their debts back. As "Moderation" would keep going as long as people did not default on their debt, banks kept lending to make sure their customers could pay the monthly interest payment, creating a housing bubble. All this came to an abrupt end with Subprime mortgage crisis.