Credit Crunch (2007/2008)

The financial crisis of 2007/2008, also known as The Credit Crunch, is considered by economists the worst financial crisis since the Great Depression of the 1930s. It began in 2007 with devaluations of securities linked to the US subprime mortgage market, and developed into a global banking crisis, culminating with Lehman Brothers filing for bankruptcy on September 15, 2008.