The credit crisis in 2008 led to a major economic downturn, with many proposals made in response. The crisis showed that financial markets are complex and interconnected, making it hard for regulators and industry players to manage risks. The crisis also revealed that both industry players and regulators didn't fully understand the underlying risks. Financial markets have become more complex and global in recent years, with a focus on big firms that are too important to fail. The crisis highlighted the network-like nature of financial markets and the impact of trading and risk-taking cultures.