Financial Crisis of 2007–2008

The financial crisis of 2007-2008 was a severe worldwide economic crisis triggered by the collapse of the housing market in the United States and risky lending practices. It led to the failure of major financial institutions, a sharp decline in consumer wealth, and a significant downturn in economic activity globally. The crisis exposed weaknesses in financial regulation, risk management, and global interconnectivity in financial markets.

Example

The collapse of Lehman Brothers in 2008 marked a pivotal moment in the financial crisis, causing panic in global financial markets and leading to government bailouts.