Which 2008 global financial crisis intensified after the September 2008 bankruptcy of Lehman Brothers?

The 2008 global financial crisis intensified after the September 2008 bankruptcy of Lehman Brothers.

The crisis grew from problems in the U.S. housing and mortgage markets, especially the expansion of risky subprime lending and the packaging of mortgage debt into complex securities. Falling house prices caused defaults and losses to spread through financial institutions.

Lehman Brothers filed for bankruptcy on 15 September 2008, becoming the largest bankruptcy filing in U.S. history at that time. Its failure intensified fear about the solvency of banks and the safety of short-term credit markets.

Governments and central banks responded with bank rescues, emergency lending, interest-rate cuts, and fiscal measures. The crisis produced a worldwide recession and is separate from the later European sovereign-debt crisis, although the two episodes became connected.