Ian Shapiro, Sterling Professor of Political Science and Global Affairs at Yale, lectures on the subprime mortgage crisis as part of his DeVane Lecture series course Power and Politics in Today's World, taught in fall 2019. He traces what produced the housing bubble and its collapse, walks through the mechanics of subprime lending and securitization, and assesses the economic and political fallout that followed the 2008 crash. The lecture connects the crisis to the broader arc of the course, which examines how the optimism after the fall of communism gave way to today's politics of fear and resentment. Shapiro draws lessons for present-day policy and politics from how governments and markets responded, and how those responses shaped public trust. The talk runs 77 minutes and is drawn from material behind his book After the Fall.