Which 2008 crisis followed the collapse of Lehman Brothers and the global subprime-mortgage boom?

The 2008 crisis that followed the collapse of Lehman Brothers and the global subprime-mortgage boom was the global financial crisis.

In the years before 2008, housing prices and mortgage lending expanded in the United States and several other countries. Risky U.S. mortgages were bundled into complex securities and distributed through the international financial system. When house prices fell and mortgage defaults rose, the value of many financial assets became uncertain.

Lehman Brothers filed for bankruptcy on September 15, 2008, intensifying panic in credit and stock markets. Governments and central banks responded with emergency lending, bank rescues, guarantees, stimulus programs, and sharply lower interest rates. The crisis produced a severe global recession and major unemployment increases.

The crisis had multiple causes rather than one isolated trigger. Excessive leverage, weak risk management, poor underwriting, complex securities, and regulatory failures all played roles. The U.S. housing downturn was central, but the resulting damage spread internationally through banks and financial markets.