What was the 2008 worldwide market collapse during the financial crisis commonly called?

The 2008 worldwide market collapse during the financial crisis was commonly called the Global Financial Crisis.

The crisis grew from problems in the US housing and mortgage markets, especially the expansion of risky subprime lending and the packaging of mortgage debt into complex securities. When house prices fell and borrowers defaulted, losses spread through banks and investors.

Credit markets seized up in 2007 and 2008. The failure of Lehman Brothers in September 2008 intensified the panic, while government guarantees, bank rescues, and emergency central-bank lending followed in many countries.

The resulting recession was the deepest global downturn since the Great Depression. The Global Financial Crisis is often confused with the Great Recession, which describes the economic contraction that followed; the crisis refers more specifically to the financial system’s breakdown.