What term describes the worldwide stock-market collapse that followed the 2008 housing and credit crisis?

The worldwide stock-market collapse that followed the 2008 housing and credit crisis is commonly called the Global Financial Crisis.

The crisis developed from weaknesses in housing finance, mortgage lending, securitized debt, and the balance sheets of major financial institutions. Falling U.S. house prices caused losses on mortgage-related assets, while uncertainty about those losses damaged confidence throughout the banking system.

The failure of Lehman Brothers in September 2008 intensified the turmoil. Equity markets plunged, credit became difficult to obtain, and governments and central banks introduced emergency lending, guarantees, and recapitalization programs. The resulting recession affected countries around the world.

The term is sometimes used interchangeably with the 2008 financial crisis, although the broader crisis began in 2007 and its economic consequences lasted for years. It is not the same event as the Great Depression, which began after the 1929 Wall Street crash.