Global Financial Crisis
A housing bubble and unregulated derivatives crash the global economy, revealing the fragility of modern capitalism.
The subprime mortgage crisis cascaded into a global financial meltdown. Banks were bailed out, millions lost homes and jobs, and trust in institutions took a hit from which it has never recovered.
Perspective
The 2008 crisis is when the social contract broke for a generation. Banks got rescued; ordinary people got foreclosed. The rage this generated — Occupy, the Tea Party, eventually Trump and Sanders — is still the dominant force in Western politics.
Open in interactive timeline →Frequently Asked Questions
What was Global Financial Crisis?
The subprime mortgage crisis cascaded into a global financial meltdown. Banks were bailed out, millions lost homes and jobs, and trust in institutions took a hit from which it has never recovered.
When did Global Financial Crisis happen?
Global Financial Crisis: 2007–2008.
Why does Global Financial Crisis matter?
The 2008 crisis is when the social contract broke for a generation. Banks got rescued; ordinary people got foreclosed. The rage this generated — Occupy, the Tea Party, eventually Trump and Sanders — is still the dominant force in Western politics.
Sources & Further Reading
Cite This Page
AskHistoryAI. “Global Financial Crisis.” AskHistoryAI — Interactive Timeline of Everything. Updated 2026-09-11. https://askhistoryai.com/event/con-004/
Every fact on this page is checked against the published fact ledger and methodology; sources are listed above.