What name is given to the global financial crisis that began after the 2008 US credit collapse?

The global financial crisis that began after the 2008 US credit collapse is called the Global Financial Crisis.

The crisis grew from problems in US housing finance, especially risky mortgage lending, complex securities, and excessive leverage across financial institutions. When housing prices fell and mortgage defaults increased, the value of mortgage-related assets became uncertain. Banks and investors reduced lending, creating a worldwide credit squeeze.

The failure of Lehman Brothers on 15 September 2008 intensified the panic. Governments and central banks introduced emergency lending, guarantees, bank rescues, and stimulus measures. The resulting economic downturn is commonly called the Great Recession, although that term describes the broader recession rather than only the market panic.

The crisis affected stock markets, housing, employment, and public finances. It is sometimes confused with the later European debt crisis, which involved sovereign-debt problems in several euro-area countries after the global shock.