What 2008 global crash followed the failure of Lehman Brothers?

The 2008 global crash that followed the failure of Lehman Brothers was the Global Financial Crisis.

The crisis grew from a housing and credit boom, especially in the United States, where risky mortgages were packaged into complex securities and sold through the financial system. As home prices fell and borrowers defaulted, losses spread among banks, insurers, and investors. Lehman Brothers filed for bankruptcy on September 15, 2008, becoming a major symbol of the crisis.

Stock markets fell sharply worldwide, credit became difficult to obtain, and governments intervened with guarantees, rescues, stimulus, and emergency lending. The resulting economic downturn is commonly called the Great Recession.

The financial crisis and the Great Recession are closely related but not identical terms. The former describes the banking and credit breakdown; the latter describes the broader economic contraction that followed. The crisis was also more than a stock-market event because housing, debt, and financial institutions were central to it.