The economic disaster of 2008 led many to compare its impact to that of the panic felt during the Great Depression.
In the years leading up to the Great Recession of 2008, policies would be put in place that would become the building blocks for the only financial crisis that could rival the Great Depression. Some economists argue that the loosening of banking regulations contributed to housing market crash, while others argue that the crisis would have happened regardless of regulation. Keynes himself would have likely been in favor of regulation as it would decrease the risk of speculation in the economy.
Because the recession was so severe, a dramatic approach was taken by the Obama administration. An almost $800 billion dollar stimulus was passed in 2008, officially signaling the resurgence of Keynesian economic theory in the 21st century. However, concerns would arise of a ballooning national debt caused by increased deficit spending that would become the topic of major debate in American politics.