2008 financial crisis

A worldwide financial crisis marked by the collapse of major institutions, disruption of credit markets, and severe economic downturn beginning in 2007–2008.

Subprime mortgage crisis: A wave of defaults on U.S. home loans made to borrowers with weaker credit histories. Rising defaults on these loans triggered large losses across the financial system.
Glass–Steagall legislation: U.S. laws that separated commercial banking from securities activities and created federal deposit insurance. Its partial repeal in 1999 became part of debates over deregulation and bank risk-taking.
Ben Bernanke: An American economist who chaired the Federal Reserve from 2006 to 2014. He led the central bank through emergency lending and monetary interventions.
Great Recession: A severe global economic downturn centered on 2008–2009, with especially deep effects in the United States and Europe. The financial crisis transmitted through credit contraction into a prolonged economic slump.
Lehman Brothers: A major U.S. investment bank that filed for bankruptcy on September 15, 2008. Its failure marked an acute turning point in market panic and counterparty fears.
Mortgage-backed security: A security whose payments come from pools of mortgage loans. Mortgage defaults undermined securities held throughout global financial markets.
Gramm–Leach–Bliley Act: A 1999 U.S. law that removed key restrictions separating commercial banking, securities, and insurance businesses. The law enabled financial conglomerates, though its role in the crisis remains contested.
Henry Paulson: An American investment banker who served as U.S. Treasury secretary from 2006 to 2009. He negotiated rescue measures and opposed a federal bailout for Lehman Brothers.
Troubled Asset Relief Program: A 2008 U.S. program authorizing federal purchases and guarantees of troubled financial assets. TARP supplied capital to banks and supported other emergency stabilization measures.
Bear Stearns: A U.S. investment bank acquired by JPMorgan Chase in March 2008 with Federal Reserve support. Its rescue contrasts with Lehman’s bankruptcy and foreshadowed broader intervention.

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