06/28/2026
The Global Financial Crisis of 2008 was a severe worldwide economic downturn triggered by the collapse of the U.S. housing market, widespread defaults on subprime mortgages, and excessive risk-taking by financial institutions. The failure of major banks and investment firms led to a global credit freeze, deep recessions, massive job losses, and unprecedented government interventions to stabilize financial markets. The crisis exposed significant weaknesses in financial regulation and prompted major reforms aimed at strengthening the banking system and reducing systemic risk.
