The crisis, often called the Great Recession, officially began in 2007 with the collapse of the U.S. housing bubble, but its seismic shockwaves hit global financial markets in September 2008 with the bankruptcy of Lehman Brothers. This triggered a panic, freezing credit worldwide. In response, the U.S. government created the Troubled Asset Relief Program (TARP), a ~$700 billion~ fund used to bail out major banks and insurers like AIG to prevent total systemic collapse. Governments globally follo
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The crisis, often called the Great Recession, officially began in 2007 with the collapse of the U.S. housing bubble, but its seismic shockwaves hit global financial markets in September 2008 with the bankruptcy of Lehman Brothers. This triggered a panic, freezing credit worldwide. In response, the U.S. government created the Troubled Asset Relief Program (TARP), a ~$700 billion~ fund used to bail out major banks and insurers like AIG to prevent total systemic collapse. Governments globally follo
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