Global Financial Crisis
The collapse of the U.S. subprime mortgage market in 2007-2008 triggered the worst global financial crisis since the Great Depression. Lehman Brothers collapsed on September 15, 2008; credit markets froze worldwide. Governments injected trillions in bank bailouts and stimulus. Global GDP contracted for the first time since World War II. The crisis exposed extreme financial system fragility, generated massive public anger at financial elites and government bailouts, and accelerated the political polarization and populist backlash that defined the 2010s.
- Year: 2008 CE
- Category: Political
