Timeline. The History of Finance
Timeline. The History of Finance
The Financial crisis of 2007 is often referred to as the worst economic catastrophe since the Great
Depression. Many commentators believe that had the Clinton administration not repealed the 1933
Glass-Steagall Act then banks could not have built the excessive risk on their balance sheets that led
to the credit crunch. And in seeking solution to the crisis, lawmakers have looked at how authorities
responded to previous problems, such as the 1992 collapse of the Swedish banking system and the
Long-Term Capital Management hedge fund in 1999. As events from the past can greatly influence
how we see the future, this timeline highlights some of the events that are influencing the debate
over the future of finance.