The objectives of this case are to:
•Review various causes of the crisis of 2008, the complexity of this event, and the dynamic process by which the crisis unfolded. Diagnosis should precede prescription; thus, a review of causes and evolution should inform policymaking.
•Assess the crisis responses in 2008, especially the notable policy pivots during the crisis. This entails evaluating the tradeoffs among goals of rescue, reform, relief, and recovery. Leaders used various instruments of response to the crisis (monetary, regulatory, and fiscal): Were these effective?
•Reflect on lessons for leadership during a crisis, especially the challenges of mobilizing collective action when interests are diverse, institutions are inflexible, and information is incomplete.
•Exercise economic concepts such as moral hazard, strategic coordination, risk tolerance, information asymmetry, complexity, connectedness, and contagion.