Part 2/9:
To understand the contemporary financial crisis, one must first look back at the 2008 financial meltdown, which exposed the vulnerabilities of the traditional banking system. This event highlighted the issues inherent in subprime mortgages and laid the groundwork for an urgent need for reform. Despite the extensive bailouts and interventions following the crash, significant debts remained unresolved. Today, the U.S. faces escalating debt levels that dwarf those seen pre-2008, raising concerns about the sustainability of such a system.