Which 2008 crisis followed the collapse of Lehman Brothers and the freezing of global credit markets?

The 2008 crisis that followed the collapse of Lehman Brothers and the freezing of global credit markets was the global financial crisis.

Lehman Brothers filed for bankruptcy on September 15, 2008, after losses connected to mortgage-related assets and an inability to secure a rescue. The filing intensified fear about banks’ solvency and caused severe stress in credit and equity markets worldwide.

The crisis had deeper roots, including risky mortgage lending, complex securitized products, excessive leverage, weak underwriting, and a housing-market collapse in the United States. Governments and central banks responded with emergency lending, guarantees, stimulus, and bank-support measures.

The event is also called the Great Recession crisis because it produced a major global downturn. It was not merely a stock-market crash: housing, banking, employment, trade, and public finances were all affected.