During the Thatcher and Reagan administrations, there were several financial restrictions that were loosened. These included the deregulation of the financial industry, the reduction of taxes and government spending, and the promotion of free-market principles.

One of the most significant deregulations was the repeal of the Glass-Steagall Act in 1999, which had separated commercial and investment banking since the Great Depression. This led to banks taking on more risk and engaging in complex financial instruments, such as mortgage-backed securities and collateralized debt obligations.

While these policies did contribute to the growth of the economy in the short term, they also created an environment of excessive risk-taking and speculation. This, in turn, led to the housing bubble and the eventual collapse of the financial system in 2008.

While it's difficult to attribute the entire crisis to the policies of Thatcher and Reagan, it's clear that their emphasis on deregulation and free-market principles played a significant role in creating the conditions that led to the financial collapse.
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