Bernie Madoff's Pyramid Collapses (2008)
This Day
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The Financial Crisis of the Decade
This is late 2008. And just what is going on in the world of finance in late 2008? I mean, it's the financial crisis of the decade. The housing bubble was also something that people have been like, you know, predicting for a long time that the housing bubble was going to burst. All of the big major banking industries that we think of are falling apart in this moment. Everything is in crisis mode. It's also during an election year, as well. This Ponzi scheme came apart in the way that all Ponzi schemes come apart - which is more people ask for their money back at the same time and then you can't pay them all out.
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