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Ten years on, the legacy of the Global Financial Crisis is still at play

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Ten years on, the legacy of the Global Financial Crisis is still at play

On September 15, 2008, Global markets were shaken by the collapse of Wall Street bank Lehman Brothers.

It would eventually lead to nine million Americans losing their homes in the subprime mortgage crisis while plunging the US and Europe into years of recession.

Australia dodged the worst of the GFC, avoiding recession and massive unemployment, but 10 years on, the legacy of the GFC is still at play — with rising income inequality and job insecurity that in turn has fuelled a populist surge in the West.

Meanwhile, parts of the world are still saddled with mountains of debt — and some analysts warn that's laying the seeds for possibly the next financial crisis.

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