First, select a financial industry event that interests you most, such as the stock market decline from 20072009, the financial system bailout in 2008 (Emergency Economic stabilization Act of 2008), or the 2011 stock market decline and subsequent volatility.

Explain what precipitated and resulted in this specific event. Specifically, identify what key lapse allowed the event to happen in the first place, given the topics discussed throughout the course regarding sound financial behavior.