Global Financial Crisis 2008
About Global Financial Crisis 2008
The worst financial crisis since the Great Depression, triggered by the subprime mortgage market collapse in the United States. Lehman Brothers failed on September 15, 2008, the largest bankruptcy in American history. Banks worldwide stopped lending. Stock markets crashed globally, with the S&P 500 falling 57 percent from its 2007 peak. Governments bailed out banks, insurers, and auto companies. The US enacted the 700 billion dollar TARP program. Unemployment reached 10 percent. The crisis led to tighter banking regulations under the Dodd Frank Act. European sovereign debt followed. The recovery took years and inequality increased.
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