The finance industry repeated savings-and-loan fraud patterns in the 2008 crash

Evidence

No lesson was learned by the finance industry or Congress from this costly debacle. As we will see later, the practices of the subprime home mortgage industry, which spawned the 2008 global financial meltdown, essentially replicated this scenario. — Albert Bandura, Moral Disengagement, 1424

Categorization

• XREF: Connects to theories of institutional amnesia and the repetition of financial crises—parallels the pattern described in legal-institution scholarship about costly lessons not being retained. — connects to: Exploding mortgage-security demand forced lenders to invent worthless borrowers. — Mark Blyth, Austerity: The History of a Dangerous…, 94