The Great Recession of 2007-2009 crippled many Americans' personal finances and caused a lot of uncertainty when it comes to future financial planning choices.
"As a result of Dodd-Frank, the capital requirements of banks have increased dramatically. Banks have had to go through initial stress tests and ongoing stress tests. So the banking system is certainly shored up and the TARP program helped that immensely by injecting capital into both banks and into private corporations like General Motors. That helped stem the notion of rampant unemployment because people kept their jobs, and banks didn't collapse, and people didn't lose money. And it was good so there was stability there," said Paul Brahim, Chairman and CEO of BPU Investment Management Inc., and a member of the Greater Pittsburgh Financial Planning Association board of directors.
He talked about some of the changes in our financial systems for consumers, the markets, and regulators, since 2008 and how to make sound investments with the right kind of advisor.