What 2008 crisis followed the collapse of Lehman Brothers on 15 September?

The 2008 crisis intensified after Lehman Brothers collapsed on 15 September and is called the global financial crisis.

The crisis grew from problems in U.S. housing finance, especially risky mortgages, complex mortgage-backed securities, and excessive leverage. When housing prices fell and borrowers defaulted, the value of financial assets became uncertain. Banks and investors reduced lending, causing severe stress across the international financial system.

Lehman Brothers filed for bankruptcy on 15 September 2008, one of the largest corporate failures in U.S. history. Its collapse intensified panic, though it was not the sole cause of the crisis. Governments and central banks responded with emergency lending, guarantees, bank rescues, interest-rate cuts, and stimulus measures.

The global financial crisis affected employment, trade, housing, and public finances worldwide. It is often confused with the Great Recession: the crisis describes the financial breakdown, while the Great Recession describes the broad economic downturn that followed.