The Panic of 1907, the savings and loan crisis, and the financial crisis of 2008 were similar in that they all:

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Each of these crises involved non-bank financial institutions that were not subject to the same level of regulation as traditional deposit-taking banks. In 1907, it was trust companies and in the savings and loan crisis it was savings and loans associations. In 2008, it was investment banks and other non-bank financial institutions that were heavily involved in mortgage lending and securitization. The lack of regulation allowed these institutions to take on excessive risk and contributed to their failures. The other choices are not accurate as restrictive monetary policy, budget deficits, and excessive regulation by the Federal Reserve played different roles in each of these crises.

The Panic of 1907, the Savings and Loan Crisis, and the Financial