What was the worldwide market collapse that followed the 2008 U.S. housing and banking crisis called?

The worldwide market collapse that followed the 2008 U.S. housing and banking crisis was called the Global financial crisis.

The crisis grew out of a U.S. housing and credit bubble. Mortgages were bundled into complex securities, and many institutions underestimated the risk that borrowers would default when house prices stopped rising. Falling property values then weakened banks, investors, and highly leveraged financial firms.

A decisive shock came in September 2008, when Lehman Brothers filed for bankruptcy. Credit markets seized up, stock markets fell around the world, and governments and central banks introduced emergency lending, guarantees, bailouts, and stimulus measures.

The Dow Jones Industrial Average reached a 14,198.10 closing high in October 2007 before falling to 6,547.05 in March 2009. The crisis is sometimes dated from 2007, while the most severe market panic is associated with 2008; both dates describe different phases of the same broader episode.