2007–2009Reputable sourceWell documented
The 2008 Financial Crisis
On the timeline · around 2007–2009 ·
What happened
A collapse in the U.S. housing market and the failure of institutions loaded with risky mortgage securities triggered the worst financial crisis since the Great Depression. The investment bank Lehman Brothers failed in September 2008, credit froze worldwide, and the government mounted enormous bailouts as unemployment soared in the 'Great Recession.'
Why it matters
The crisis wiped out trillions in wealth, cost millions of jobs and homes, and reshaped politics — fueling both the Tea Party and Occupy Wall Street movements and a lasting distrust of financial and political elites.
Sources
- Federal Reserve History. The Great Recession · Reputable source
Related timelines
- History of Money → — The Great Recession